3i exits Aspen Pumps to Inflexion for a 4.1x return

Private equity firm 3i Group has sold its investment in pumps business Aspen to Inflexion Private Equity for £208 million, representing a 4.1x return on investment and a 34% IRR.

Aspen supplies condensate removal pumps into the air conditioning market. Its brands include Xtra accessory products, JAVAC tools, Advanced chemicals and Big Foot roof support systems.

3i invested in Aspen in 2015 and has supported its buy and build strategy with six acquisitions in France, Germany, Australia and the UK, enabling international revenues to more than treble over the last five years.

Pete Wilson, Partner and Head of UK Private Equity, 3i, said: “This has been a classic 3i deal, where we have partnered with a high quality management team to support Aspen’s transformation from a UK exporter into a truly multinational business, through a combination of strong organic growth and innovative product development as well as targeted acquisitions.”

Adrian Thompson, CEO of Aspen Pumps, added: “Working with 3i, it was clear from the start that they really understood the business, had significant experience in our sector and brought a great deal of energy and enthusiasm.”