Gresham exits Olaer

The GP says it has made an "exceptional" return on its seven-year investment.

Previous Investment
Olaer was acquired by Gresham from its parent company, Expamet International Ltd, in a leveraged management buyout in 2005. The deal was estimated around £25-50m and was backed by the Bank of Ireland.

Under Gresham's ownership Olaer increased the number of countries it supplies from 18 to 26 and gained exposure to fast-growing emerging markets such as China, India and Brazil.

The GP also introduced senior chairman Hamdi Conger and finance director Mike Kay. The business' turnover grew by 80% over the holding period to £126.5m.

No fresh equity was invested in the company during that time.

Company
Olaer has origins as an 18th century UK engineering business. It is based in Chester where it supplies and markets accumulators, oil coolers and filters.

It also offers close personalised support to its customers.

People
Iain Wolstenholme is partner at Gresham.

Advisers
Company - Robert W. Baird Limited (Financial); DLA Piper (Legal).

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• Gresham Private Equity
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