Octopus sells stake in Hydrobolt to AEA-backed LoneStar

The transaction comes six years after the VC invested £4.5m in the £16m management buyout of Hydrobolt and its sister company Studbolt. Capital for the original deal was drawn from the Octopus Eclipse VCT fund.

Since the VC's investment, the company has undergone a period of growth fuelled by a buy-and-build strategy.

The exit comes in the same week that Octopus joined Beringea in providing growth capital to Coal Grill and Bar, a UK-based chain of casual dining restaurants. In March 2013, the VC led a $7.5m series-A funding round for advertising technology platform Adbrain and took part in a £3m round for Bowman Power, a developer of waste heat recovery technology for large diesel engines.

Last year, AEA Investors acquired Siemens' water technologies division for €640m.

Company
Headquartered in Wolverhampton, England, Hydrobolt is a provider of high-integrity fasteners and pipeline solutions to the oil & gas and energy markets. It was formed in 1992, employs 250 people and has a 3,500-strong customer base spread across 80 countries.

People
Jamie Simpson is managing director of Hydrobolt.

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