Warburg Pincus sells Survitec for £450m

The acquisition was made through the Onex Partners IV fund, which invested roughly $320m for its majority stake, implying approximately $350m of debt in the $680m enterprise value deal.

Warburg Pincus has exited Survitec just over four years after it bought the company in 2010, during which time the GP oversaw the acquisitions of Seaweather in 2010 and SOLAS the following year.

Previous funding
Survitec was bought by Warburg Pincus from Montagu Private Equity for £280m in a 2010 tertiary buyout.

Montagu had acquired the company six years previously, paying Alchemy Partners £146m for the balance of equity.

Company
Southampton-based Survitec manufactures survival equipment for the marine, defence and aerospace sectors. Founded in 1920, its products include inflatable lifesaving equipment and survival suits.

The 2,000-strong company generated revenues of around £234m in the fiscal year ending in March 2014.

People
Warburg Pincus's head of Europe, Joseph Schull, worked on the deal alongside Tony Morgan, a managing director in Onex's London office. 

As part of the deal, Survitec's Brian Stringer replaces Simon Withey as CEO.

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