3i reaps £52m from Aspen Pumps refinancing

The sum returned via the partial divestment represents around 0.8x the equity cheque invested by 3i at the time of its initial investment in Aspen in 2015.

The transaction comes shortly after the portfolio company's acquisition of Advanced Engineering, its fifth bolt-on under the GP's tenure.

According to a statement, Aspen's turnover has more than doubled since the GP's initial investment almost four years ago. The business will continue to pursue potential acquisitions following the refinancing.

3i concurrently announced that it has reaped £25m from a £30m shareholder distribution from travel agency Audley Travel. The GP invested £159m in the SBO of Audley from Equistone in 2015 in exchange for a majority stake in the business.

Previous funding
3i acquired Aspen Pumps from Inflexion Private Equity for £105m in 2015.

Company
Founded in 1992 and headquartered in Hailsham, Sussex, Aspen manufactures pumps used to remove water from air conditioning and refrigeration systems.

People
3i – Alan Giddins (managing partner).

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