Endless exits Stirling Dynamics

Denise Ko Genovese
09 April 2018

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Turnaround house Endless has sold its majority stake in Stirling Dynamics, a Bristol-based engineering design firm for the aerospace, marine and energy sectors, to Ardian-backed Assystem Technologies.

Endless acquired a majority stake in Stirling from founder Bob Stirling in 2014. Under its ownership, the company has grown by more than 15% a year, the GP stated. This is the final exit from Enact's first fund, with other divestments including West Cornwall Food Company to Samworth Brothers, and Excelsior Technologies to Mondi Group.

Endless drew down capital from Enact, a £10m fund targeting SMEs that is structured to take advantage of the Enterprise Investment Scheme (EIS).

Ardian carved Assystem Technologies out of Assystem, acquiring a 40% stake via Ardian LBO Fund V, in May 2017. At the time of acquisition, it outlined plans to expand its geographic and sectorial reach.

Company
Stirling was founded in 1987 as a spinout of a university research department. The group provides specialist engineering services and active control products for commercial and defence clients in the global aerospace and marine markets.

It is based in Bristol and employs 90 staff, supporting nine navies worldwide.

People
Stirling Dynamics – Mark Cool (executive chair).
Assystem Technologies – Olivier Aldrin (CEO).
Endless – Ed Ransome (investment director).

Advisers
Vendors – Grant Thornton, Simon Woodcock, Andy Rice (corporate finance); TLT, Andrew Webber, James Webb (legal).
Buyer – Clearwater International, Paul Jones (corporate finance); KPMG, John Moth (financial due diligence); Napthens, Keith Melling (legal).