UK - 3i increases stake in AES Engineering to 40%

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.