State-backed MML Capital Partners has taken a controlling stake in CG Power Systems, in a move in which it said has led 400 jobs being saved in Cavan. The deal sees MML becoming the largest single equity holder in CG Power along with its current management team. It is being acquired from liquidators who were appointed to its direct parent CG Power Systems Belgium, following difficulties in the wider group. It is expected that the change of ownership will facilitate “significant investment” in CG, which has a 17,000 sq m plant in Cavan. “We’re delighted to receive this backing from MML”, said Stephanie Leonard, managing director, CG Power Ireland.

Source: The Irish Times July 02, 2020 09:22 UTC