“We’re delighted to receive this backing from MML Ireland. First and foremost, it provides the business with stability, following a period of uncertainty with difficulties in the Avantha / CG Group. It gives the business a strong institutional backer, providing security to our dedicated team and confidence to our valued employees, customers and supplier base. We intend to use this backing to invest further in our Cavan facility and broaden our international product and market expansion.”

Stephanie Leonard, CEO, Kyte Powertech

Kyte Powertech

Supported the management buyout of the business from a distressed parent group and provided growth capital for a capital investment programme.

The business

Kyte Powertech is a manufacturer of distribution transformers for the utility, industrial and renewable energy sectors across Western Europe.

The deal

Kyte was established at the current site in Cavan, Ireland, in 1966 and has grown to employ over 450 people. The company is a market leader in the manufacture and distribution of transformers with embedded customer relationships and strong demand dynamics. Kyte was previously a subsidiary of CG Power Systems Belgium, which was placed into receivership in 2020. MML Ireland worked with the Irish-based management team, led by CEO Stephanie Leonard and CFO Padraig McCabe, to unlock the deal and carve-out the Irish operations. MML Ireland invested alongside the management team to acquire the Irish business and secure 450 jobs in Cavan. Since investment, a new board structure was created with an experienced Chairman, the business was rebranded and a significant capital investment programme was established.

MML Ireland Fund II
Republic of Ireland
Deal Status
Manufacturing & Engineering

Related news

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Kyte Powertech Brand Launch
November 2nd, 2020 marked a monumental day in the life of one of the world’s top transformer manufacturers with the exciting news that CG Power Ireland has been rebranded as Kyte Powertech.

Associated deal team

Rory Quirke

Partner and Co-Head of Investments

Stephen Minogue

Investment Director

Christopher Walsh

Investment Director

Muireann MacAuliffe

Investment Manager

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