Condensate pump manufacturer Aspen Pumps has been re-acquired by investment company Inflexion from current owners 3i.
Inflexion, which first acquired Aspen from its original founders in 2007, sold Aspen to the 3i Group for £105m in 2015. During this period a tripling of EBITDA was achieved.
3i has reported proceeds from the deal of £208m. Including £52m of proceeds already received, 3i claims this represents a 4.1x return on invested capital.
Aspen reports that revenue during its 3i ownership tripled to nearly £90m. Six acquisitions were made during this period including UK coil cleaner and service equipment company Advanced Engineering and tool specialist Javac UK.
Inflexion managing partner Simon Turner said: “We are delighted to be re-investing in this business that we know so well and have had such a strong partnership with in the past. Aspen has a proven track record of organic and acquisitive growth and we look forward to using our global presence to support its further expansion in key markets such as the United States.”
Aspen Pumps CEO Adrian Thompson said that Inflexion shared Aspen’s “passion” and had “expressed their commitment to helping us pursue our strategic vision for further expansion and growth”.
The acquisition comes as Aspen celebrates selling 1 million pumps in 2019.
Established in 1992, Aspen has offices and warehousing in the UK, France, Germany, USA and Australia. The group currently employs over 200 people and exports its products to over 100 countries.
