The business

Aspen Pumps designs and distributes condensate pumps which remove water and condensation from air conditioning systems. Established in 1992, Aspen launched the first peristaltic condensate pumps in the marketplace and has gone on to develop an excellent brand reputation for new product development and innovative design coupled with reliability.

Based in Hailsham, East Sussex and employing 56 staff at acquisition, Aspen is the clear market leader in the UK and is one of the top two in Europe with a network of wholesalers and distributors in over 50 countries.

The air conditioning market has experienced buoyant growth for the past five years and is forecast to maintain this trend in part driven by two factors: the effects of climate change and rising GDP per capita. Market growth is predicted to continue at 12% p.a. in the short term.

The senior management team has been strengthened by the addition of Adrian Thompson and Ian Stuart who together have a combined 50 years experience within the building materials industry. Thompson was previously MD of Greenwood Air Management and Stuart, who joins as Chairman, is currently Chairman of Aqualisa and Just Trays with previous roles including CEO of Heywood Williams PLC and Caradon Plumbing.

The investment

The £25 million buyout was led by Simon Turner, Charles Thompson and Christian Hamilton. Charles and Christian have joined the Board of Directors. Funds managed by Inflexion invested £4.7 million.

Management also invested and £17 million of debt facilities were provided by Lloyds TSB.