Based in Hailsham, Sussex, Aspen Pumps designs, manufactures and distributes specialised mini pumps that remove condensate water from air conditioning and refrigeration systems. In addition to pumps, the company sells a range of products for air conditioning installers and engineers, including its range of accessories, Aspen Xtra, and rooftop mounting systems, Big Foot.
Aspen Pumps was established in 1992 and has been majority owned by Inflexion since 2007. The company achieved organic sales CAGR (compound annual growth rate) of 12% between 2009 and 2014, and delivered EBITA of £10 million in 2014.
International investment manager 3i has previously invested in Jung Pumpen, the German manufacturer of wastewater pumps.
3i partner Pete Wilson 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.”
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.”
Baird Global Investment Banking advised 3i on the transaction.