UK: 3i Group, the investment company behind condensate pump manufacturer Aspen Pumps, has received more than 0.8x its original equity investment following the recent purchase of Advanced Engineering.
A refinancing following the completion of last month’s acquisition of Advanced Engineering means 3i will receive £52m from the transaction. This is said to have been enabled by the significant growth and cash generation in the business, with revenues more than doubling since 3i’s investment in 2015.
3i says the refinancing will ensure Aspen is well positioned to continue investing to further accelerate growth and deliver on its ambitious plans, both organically and through acquisitions.
Aspen Pumps was acquired by 3i in 2015 from Inflexion Private Equity.
Aspen buys Advanced Engineering – 28 November 2018
UK: Condensate pump and ancillaries company Aspen Pumps has acquired Basingstoke-based Advanced Engineering, a market leader in coil cleaners and service equipment. Read more…