PRIVATE equity firm MML Capital Partners has paid £16 million for a minority stake in office rental specialist Instant, which is planning to use the investment to help meet its expansion goals.
Instant, founded in 1999, generated revenues of £22.1 million in the year to 30 April 2012 and has set a target of growing that to more than £100m by 2020.
Chief executive Patrick Elliott said: “MML rapidly grasped the potential of the business and we quickly felt comfortable working with them. With their support, I am confident we can accelerate Instant’s success within the ever-expanding flexible office market.”
Bal Johal, a managing partner in MML’s UK investment team, said: “As companies are increasingly recognising the efficiencies of outsourcing non-core services, we see Instant as an excellent opportunity to benefit.”