• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Buyouts

3i scores 4.1x on Aspen Pumps sale to Inflexion

  • Katharine Hidalgo
  • Katharine Hidalgo
  • 18 December 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

3i Group has received cash proceeds of £208m from the sale of pumps manufacturer Aspen Pumps to Inflexion Private Equity.

A spokesperson for 3i told Unquote that the deal valued the company at £350-500m.

Including the £52m in proceeds already generated through a refinancing in December 2018, the deal represents a 4.1x return on invested capital and a 34% IRR for 3i. The firm acquired Aspen Pumps from its balance sheet in 2015.

Aspen Pumps

  • DEAL:

    SBO

  • VALUE:

    £350-500m

  • LOCATION:

    Hailsham

  • SECTOR:

    Diversified industrials

  • FOUNDED:

    1992

  • TURNOVER:

    £47m (2018)

  • STAFF:

    200

  • VENDOR:

    3i

  • RETURNS:

    4.1x, 34%

Inflexion made the investment from its Buyout Fund V, which closed on £1.25bn in May 2018. It deploys equity tickets of £10-200m. The fund previously owned Aspen Pumps and sold the company to 3i. A spokesperson for Inflexion told Unquote: "Part of the strategy remains international expansion, and Inflexion opened an office in Boston at the beginning of this year, meaning it is well placed to support those efforts in the US." This is Inflexion's 11th investment in 2019.

During 3i's holding period, Aspen completed six acquisitions in France, Germany, Australia and the UK, though the acquisitions were made from the company's balance sheet and were not supported by 3i.

The transaction is expected to complete in Q1 2020.

Previous funding
In March 2007, Inflexion led the management buyout of Aspen Pumps and BBJ Engineering in a deal valuing the company at £25m. The firm drew equity from its Inflexion 2006 Buyout Fund. The transaction was supported by debt facilities provided by Lloyds TSB Acquisition Finance.

In October 2007, Inflexion supported the acquisition of Orchard Electronic.

In 2015, Inflexion Private Equity sold Aspen Pumps to 3i for £105m, generating a 14x return. Aspen reported EBITDA of £10m in 2014.

3i refinanced the company in December 2018, receiving £52m from the transaction, representing more than 0.8x its original equity investment.

Company
Aspen Pumps designs, manufactures and distributes mini-pumps that remove condensate water from air conditioning and refrigeration systems. Founded in 1992, the group also sells a range of ancillary products for air conditioning installers and engineers.

Aspen Pumps has offices and warehousing in the UK, France, Germany, the US and Australia. The group currently employs 200 people and generated a profit before tax of £12m from revenue of £47m in 2018. This was up from £9m from revenue of £43m in 2017.

People
Inflexion Private Equity – Simon Turner (managing partner).
3i – Pete Wilson (partner, head of UK private equity); Jonny Crane (partner, head of industrials).
Aspen Pumps – Adrian Thompson (CEO).

Advisers
Equity – Alantra (corporate finance); PwC (commercial due diligence, financial due diligence, tax); Jones Day (legal).
Vendor – Robert W Baird (corporate finance); Travers Smith (legal); Deloitte (financial due diligence, tax); LEK (commercial due diligence). 

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Buyouts
  • Exits
  • UK / Ireland
  • Industrials
  • Inflexion Private Equity
  • Deloitte
  • United Kingdom
  • PwC
  • 3i
  • Alantra
  • Robert W. Baird
  • Travers Smith

More on Buyouts

Clinical trials and biotechnology
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • Buyouts
  • 04 September 2023
EMEA Public to Private M&A
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • Investments
  • 04 September 2023
HR software solutions providers
Main Capital’s Assessio to be sold to Pollen Street

Recruitment software company tripled in revenue under Main Capital’s ownership

  • Buyouts
  • 25 August 2023
Ice cream
Exponent divests ‘significant' stake in Meadow to Canadian investor

Since 2018, GP has diversified food ingredients company's focus beyond commodity dairy

  • Exits
  • 22 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013