ECI Partners has backed the £52m buyout of navigational technology business Kelvin Hughes from Smiths Group Plc, the listed technology company. The purchase price comprises £48m which was paid in cash on completion of the purchase and a deferred payment of up to £4m depending on certain conditions being satisfied. Senior members of Kelvin Hughes management invested alongside ECI, becoming shareholders in the business. Senior debt funding for the transaction was provided by Royal Bank of Scotland.
Gyrus is fundraising for both its open-ended Cortex Fund and closed-ended Principal Fund
Funding will be used to scale the company's platform for the US and Asia markets
Fund targets companies operating in a wide range of sectors and deploys tickets in the $50-500m range
Predecessor vehicle PEC III closed on $389m in October 2017 and is now fully deployed