3i has made a further investment in AES Engineering Ltd, the holding company of the AESSEAL Group, a mechanical sealing business. 3i first invested in AES in 1996. This secondary investment increases its equity stake to 40% and values the business at £100m. The new funding will allow AES to continue its growth and consider acquisition opportunities worldwide. Coinciding with 3i’s increased investment, Hamdi Conger, previously non-executive director will become chairman of AES. Neil MacDonald, who was previously the finance director at the international engineering group Firth Rixson, has joined AES as finance director.
Deal will be the second add-on acquisition for Danoffice since Agilitas's buyout of the company in November 2017
Bowmark will provide additional funding of £100m to fund the company's add-ons acquisitions
Exit represents an 18x return on Octopus's initial investment and a 9x return on its total investment
Deal follows M&A litigation initiated after coronavirus uncertainty and financing difficulties