UK - Clyde Blowers acquires Textron division in $1bn deal

The division comprises four seperate businesses: Maag Pumps, a provider of polymer and compounding pumps headquarted in Oberglatt, Switzerland; David Brown Gear Systems, a supplier of gearing solutions based in Huddersfield, UK; David Brown Hydraulics, a niche provider of hydraulic pumps, motors, valves and power take off units based in Poole, UK; and Union Pumps, a producer of centrifugal and reciprocating pumps located in Michigan, US. Following the transaction Union Pumps will be merged with Clyde Pumps, a business formed in 2007 following Clyde Blowers' acquisition of Weir Pumps from the Weir Group. The remaining three businesses will become portfolio companies of Clyde Blowers.

The deal value comprises an acquisition consideration of $645m, as well as working capital and bonding facilities and a provision for the integration of Union Pumps. Alongside the company and the fund, additional equity was provided by Houston-based private equity firm SCF Partners, while debt was provided by a syndicate of lenders comprising Bank of Scotland, Barclays, HSBC and Royal Bank of Scotland.

The Clyde Blowers Capital Fund II is a private equity fund established by Clyde to provide funding for this transaction and future acquisitions. Co-lead investors in the vehicle are HarbourVest Partners and Pantheon Ventures, with additional commitments coming from Bank of Scotland and Swiss investor LGT Capital Partners.

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• UK / Ireland
• Industrials