New owner promises to work on global expansion with condensate pumps-to-accessories specialist through organic growth and acquisitions
3i Group plc has agreed to invest in UK-headquartered Aspen Pumps, described as the global market leader in condensate removal pumps, in a £105 million transaction with former backer Inflexion, which had majority owned it since 2007.
Hailsham-based Aspen designs, manufactures and distributes condensate pumps for air conditioning and refrigeration systems, along with a range of accessories through its Aspen Xtra division, and rooftop AC mounting systems under its Big Foot brand.
The company is the global leader for mini pumps with the most reliable, installer friendly and innovative products on the market, 3i said.
Established in 1992, the Company has a strong international presence, with its products available in over 100 countries, . Aspen has achieved significant growth, with a compound annual growth rate of 12% between 2009 and 2014, and EBITA of £10m in the year ended 31 December 2014.
Aspen intends to build on its market leading position and further penetrate international markets in Europe, the Americas and Asia through a number of organic and acquisitive initiatives to enhance its offering of value-added components, tools and accessories.
Adrian Thompson, Chief Executive of Aspen Pumps, said:
“We are delighted to be partnering with 3i. We have been impressed with their ambition for the business and feel we can benefit greatly from their experience supporting businesses achieve international expansion. We are excited by the opportunity to continue our successful growth with a supportive and insightful partner.”
Pete Wilson, 3i Partner, said:
“Aspen is a great fit with our strategy of supporting mid-market companies to grow internationally. It is an excellent business, with best-in-class products addressing structurally growing, global markets. We look forward to working with the team to continue Aspen’s highly successful development through further international growth and product range expansion, as well as actively supporting complementary acquisition opportunities.”