Private equity investor Inflexion has acquired Aspen Pumps Group for the second time, replacing 3i.
Inflexion previously acquired the business in 2007, before selling to 3i in 2015.
Since then the condensate removal pump specialist has completed six acquisitions, including JAVAC UK and Advanced Engineering, and tripled its revenue during this period to nearly £90m.
A statement from 3i reported proceeds of £208m from the deal, including £52m already received.
Adrian Thompson, CEO, Aspen Pumps, said: “Our business is built on a passion for building great products and delivering them through our superb wholesaler channel partnerships. Inflexion share that passion with us and have expressed their commitment to helping us pursue our strategic vision for further expansion and growth. On behalf of the whole Aspen team, I would like to say a big thank you to 3i for their support since 2015. It was clear from the start that they really understood the business and they have been a fantastic partner, supporting us with the development of our strategy, our acquisitions and the expansion of our global footprint.”
Simon Turner, Managing Partner at Inflexion, said: “Aspen Pumps is a world leading business led by an extremely experienced and highly capable management team. 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.”
This month, Aspen Pumps celebrated the milestone of selling 1 million pumps in a single year. With offices and warehousing in the UK, France, Germany, USA and Australia, Aspen Pumps Group has become a global business on its journey from an East Sussex start-up founded by three air conditioning engineers in 1995.
Aspen says it will continue to develop and deliver market leading products, expanding its portfolio and establishing an even greater global sales network.