Inflexion buys Astrak Group

Harriet Matthews
07 March 2022

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Inflexion Private Equity has acquired UK-headquartered construction equipment parts distributor Astrak.

Inflexion said in a statement that it intends to support the company's organic growth, as well as through acquisitions in the fragmented construction equipment parts market in order to expand its geographical presence.

The GP is deploying equity via Inflexion Buyout Fund VI, which held a final close earlier in March 2022 at its GBP 2.5bn hard-cap, as reported. The fund is double the size of its predecessor and targets businesses with an enterprise value of up to GBP 1bn, deploying equity tickets of up to GBP 400m. The vehicle continues the GP's focus on business services, technology, healthcare, industrials, consumer and financial services.

Inflexion Buyout VI has announced two deals to date. In February, the GP announced its investment in Netherlands-based electric bike components manufacturer Enviolo in a USD 245m buyout, as reported.

In addition to its four platform deals to date in 2022, Inflexion has announced a series of exits in Q1 2022. In February, Inflexion sold Alcumus to Apax in a GBP 600m secondary buyout for 5.9x money, as reported. The GP sold its stake in wealth management and financial planning business Succession Wealth to Aviva earlier in March for GBP 385m, netting a 3x money multiple.

Company
Founded in 2003 and headquartered in Fife, Astrak Group distributes a range of parts for construction equipment, specialising in excavator undercarriage and wear parts for machinery including bulldozers. It serves around 14,000 clients, supplying dealers and machine owners. In addition to onsite and workshop services, the company provides a parts compatibility database to allow its clients to select the parts that they need.

The company posts revenues of around GBP 50m and employs approximately 100 staff. The majority of Astrak's sales come from outside the UK, according to a statement, and it has a presence in France, Germany and Denmark.

People
Inflexion Private Equity – Stuart Robinson, Richard Booth (partners); Adam Moss (assistant director); Monica Aggarwal (investment executive).
Astrak Group – Dick Paterson (managing director).

Advisers
Vendor – Lincoln International (corporate finance).
Equity – KPMG (corporate finance, financial due diligence); Addleshaw Goddard (legal); PwC (tax).