Warburg Pincus acquires Montagu's Survitec for £280m

Warburg will acquire a majority stake in the business, while management will retain a minority holding.

A club of banks, including Bank of Ireland, HSBC, Unicredit, ING, GE, SocGen and Lloyds, provided £130m of debt to support the transaction. Warburg arranged the debt syndicate itself.

Dunmurry-based Survitec manufactures marine, defence and aviation liferafts, submarine escape technology, lifejackets for both commercial airlines and the offshore industry as well as pilot flight equipment. The company recorded sales of £150m in 2009.

Global private equity house Warburg has invested $2.5bn globally over the last 12 months, and has just over half of its $15bn fund left to invest, positioning it as one to watch in 2010.

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• Topics
• Buyouts
• Exits
• Industrials
• UK / Ireland
• Warburg Pincus
• Secondary buyout
• Montagu Private Equity