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Inflexion Private Equity, the mid-market private equity investor, today announces that it has led the buyout of Aspen Pumps Ltd & BBJ Engineering Ltd, the UK’s number one supplier of condensate pumps and air conditioning accessories.
Founded in 1992, Aspen is a leading European supplier of condensate pumps, operating internationally in over 50 countries. Based in Hailsham, East Sussex and employing 50 staff, Aspen has an enviable brand reputation with installers for innovation, product design and reliability.
The air conditioning market has experienced buoyant growth over the last five years and is forecast to maintain this trend driven by the effects of climate change and the rising GDP per capita, particularly in Western Europe.
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 with previous roles including CEO of Haywood Williams Plc and Caradon Plumbing.
Inflexion has acquired a majority equity stake, the management team has also invested and a package of debt facilities was provided by Acquisition Finance, Lloyds TSB Corporate Markets. Inflexion was introduced to the transaction by Simon Keeble of BDO Stoy Hayward and was advised by Ernst & Young Transaction Advisory Services.
Simon Turner, Managing Partner of Inflexion Private Equity commented: “Aspen Pumps is a real success story; a clear industry leader, with sustainable growth and ample opportunities to drive value against a background of strong market expansion. This is a great opportunity for us to work with a first class management team to further enhance Aspen’s presence in the global market and continue to improve operations to attain optimum performance.”
Bernard Leach, Managing Director of Aspen Pumps said: “Since its foundation, 14 years ago, Aspen has had a strong track record of sales growth, testimony to the hard work of our staff, product quality and continuous innovation. Our new partnership with Inflexion will enable us to build upon these assets to enter the next stage of Aspen’s development.”