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Inflexion announces record return on sale of Aspen

Inflexion Private Equity has realised a return of 14x on the sale of Aspen Pumps (Aspen), the global market leader in the design and manufacture of air conditioning pumps, to 3i.

Aspen has thrived from our dynamic partnership with an ambitious management team and capital investment. Together we implemented an aggressive internationalisation strategy, innovative digital approach to new product development and a compelling acquisition plan. Through the support of Inflexion’s in-country international teams, Aspen launched in China and India where pump sales achieved in excess of a fourfold increase. Our Digital Director helped to build a digitally-led new product pipeline. We also sourced and negotiated two transformational add-on acquisitions, broadening Aspen’s product offering and enhancing customer service.

Inflexion worked with Aspen to build the senior team, introducing an experienced Chairman and Managing Director and positioning Aspen for future growth. We subsequently helped to source the Finance and Operations Directors, as well as further appointments to strengthen the product development team.

Simon Turner, Managing Partner at Inflexion said “We are exceptionally proud of our partnership with management that has shaped the success of Aspen Pumps. Together, we broke into highly lucrative emerging markets, developed a roadmap for new digital products and acquired market leading businesses that contributed to quadrupled profits during our investment period. We are thrilled to achieve a double digit return in quick succession following the IPO of FDM Group last year. Aspen is now well positioned to capitalise on its next stage of growth with 3i and we wish the team every success in the future.”

Adrian Thompson, Chief Executive Officer at Aspen Pumps said “Inflexion has been a highly supportive and progressive investment partner. Aspen has grown significantly and now operates in over 100 countries worldwide. Inflexion’s investment in our team and technology-led product development has built a strong platform for future growth and we are proud of the business we built together. I am now excited about taking Aspen to the next stage of its development with 3i.”

The sale process was led by Charles Thompson and Christian Hamilton. Inflexion was advised by Catalyst Corporate Finance and Jones Day.