Primary nets 5x on sale of Napier to Wabtec

Primary reaped in excess of 5x its original investment following the transaction. DC Advisory provided M&A advice to the vendors on the sale.

Wabtec provides products and services primarily aimed at the rail and transit industry.

Primary bought Napier from Siemens Industrial Turbomachinery in 2008, a deal reportedly worth up to £100m. Primary invested from its £200m Primary III fund. Senior debt and revolving banking facilities for the transaction were provided by Lloyds TSB Bank. The investor acquired Napier in an auction process run by PwC, against strong competition from both trade buyers and private equity.

Company
Founded more than 60 years ago, Napier Turbochargers manufactures large axial turbochargers for use in the marine and power generation industries. It designs turbochargers for diesel, heavy fuel, dual fuel and gas engines in the 0.5MW-20MW power range, and also provides related spares and aftermarket services.

Headquartered in Lincoln, Napier employs more than 150 people and generates revenues of £35m.

People
Neil Wallace led both the original deal and the exit on behalf of Primary. Andy Thacker is managing director of Napier.

Advisers
Vendors – DC Advisory (M&A); Olswang (Legal).
Acquirer – Gunnercooke (Legal).

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