Travers Smith LLP has advised long-standing client 3i Group on the sale of its investment in Aspen Pumps Group to Inflexion Private Equity, generating proceeds of C. £208 million and a 4.1x return on invested capital.
Aspen is the global leader in the supply of condensate removal pumps into the fast-growing air conditioning market. Aspen has also built an impressive portfolio of brands including Xtra accessory products, JAVAC tools, Advanced chemicals and Big Foot roof support systems. In December 2019 Aspen Pumps celebrated the milestone of selling one million pumps in a single year, further cementing its position as the wholesaler’s choice for innovation and reliability.
3i invested in Aspen in 2015 and has supported the company’s transformation from a UK exporter into a truly multinational business with a strong local footprint and people in each of its key geographies. As part of the buy-and-build strategy, Aspen has completed six acquisitions in France, Germany, Australia and the UK, enabling international revenues to more than treble over the last five years.
The Travers Smith team was led by Private Equity & Financial Sponsors Partner Lucie Cawood with support from Private Equity & Financial Sponsors Senior Associate Victoria Bramall, Associates Stuart Allan and Ollie Morris, as well as Trainee Sam van Besouw. Specialist advice was provided by Finance Partner Donald Lowe and Head of Tax, Simon Skinner.
Baird (David Silver) advised for the sellers. Alantra (Andy Currie) and Jones Day (co-led by partners Ben Shribman and Liam Bonamy) advised Inflexion.
Travers Smith previously advised 3i on its original investment in Aspen Pumps in 2015.