HSBC Private Equity has sold portfolio company Transmission & Distribution Group, a provider of discharge monitoring systems for electrical utilities and heavy industry, to Qualitrol, a subsidiary of Danaher. No financial details were disclosed.
HSBC Private Equity backed the MBO of TDG in January 2008, in a deal that was introduced and debt financed by HSBC Bank Corporate Banking Scotland, of which principal TDG subsidiary Diagnostic Monitoring Systems was a customer.
HSBC Private Equity went on to support TDG’s acquisition of PD Tech Engineering, a Switzerland-based company in condition monitoring for generators and motors, in April 2008.
“We are delighted to have completed our first exit through the sale of TDG. HSBC banked and supported TDG through the buy-out and subsequent acquisition of PD Tech,” says Mahmoud Atalla, managing director and head of HSBC Private Equity. “We are pleased to have helped the team achieve this outcome after a period in which the business was transformed through organic and acquisitive initiatives that leave TDG and Qualitrol well placed in this market.”
HSBC Private Equity closed its sixth Asian fund in December, raising $1.5 billion – exceeding its target by $250 million
D.C.