UK: Aspen Pumps is set to be acquired by international investment company 3i in a deal reported to be worth £105m.
The Sussex-based condensate pump manufacturer was put on the market by current private equity owners Inflexion at the end of January. According to a report in the Sunday Times, the deal with 3i is close to being concluded.
Inflexion Private Equity acquired Aspen Pumps Ltd and its sister company BBJ Engineering (now Big Foot Systems) from its founders in 2007. The company was originally founded in 1992 by Bernard Leach and two colleagues.
Aspen made a profit of over £1m last year. It exports condensate pumps for air conditioning, refrigeration and heating equipment to over 100 countries worldwide, from Europe to the Americas, Africa, the Middle East, and the Far East all the way down to Australasia.
Its efforts have been recognised at the highest level with a Queen’s Award for Innovation last year to add to the Queen’s Award for International Trade it received in 2009. The company has also twice been placed in the Sunday Times Buyout Track 100 annual league table of Britain’s 100 private equity-backed companies with the fastest-growing profits.