Winder Power Limited / Enterprise Ventures and Bank of Ireland
Cavendish Corporate Finance LLP is delighted to announce the sale of Winder Power Limited, the specialist manufacturer of power distribution and generation equipment to a management buy-out backed by Enterprise Ventures and Bank of Ireland UK.
Established over a century ago, Winder Power employs around 100 people in its two divisions. Winder Electrical specialises in the design and manufacture of power and distribution transformers for use on electricity networks while Newton Derby supplies generation equipment for sectors including marine, rail and aviation.
Customers include SSE plc, Northern Ireland Electricity, Electricity North West, GE Energy, Inneos Chemicals, Air Products and Powerteam. Winder Power’s also has a thriving export trade, accounting for around 20 per cent of sales, with a strong presence in the Middle East.
The deal passes control of the business to a management team led by Managing Director Laurence MacKenzie, Operations Director Andy Pinkney, General Manager Paul Matthews and Finance Director Jo Evans. Andy Pinkney and Paul Matthews were already shareholders in the business.
They will be joined by a new chairman, Harry McCracken, who has over 40 years’ experience in the power industry and is the former group managing director of Viridian Power & Energy. The deal provides an exit for outgoing executive chairman Richard Asquith and YFM Equity Partners, which backed a buy-out led by Mr Asquith in 2005.
The company is on target to grow sales by 50 per cent to £15 million in the year to the end of March 2013. Earlier this year it completed an investment of £1 million in new testing facilities to enable it to compete globally.
“Over the past 60 years we are proud to have built a market leading business. We are now delighted that in Safe Fleet we have found a great home for our business to continue to grow, innovate and support both our employees and customers.
Our advisor Joe Stelzer at finnCap Cavendish tirelessly assisted us through the process and was on hand at each and every step of the journey.”
“This transaction is a hugely significant milestone in KMP’s development, strongly positioning the business for its next phase of growth, allowing us to extrapolate our already strong global reach with opportunities for economies of scale across complementary brands and products.
I am grateful for the invaluable advice, support and guidance provided by Joe Stelzer and his team throughout the process.”
“The acquisition of FAI by Motus will bring us many synergies, with scope to expand our supply chains and product ranges, as well as the opportunities to enter new markets. Both existing and new customers will benefit from our core aims of best availability, best service, best quality and best price. Our business ethos is so closely aligned with Motus’s that the change of ownership will be seamless, but the benefits will be felt by all.”
“The Cavendish Team, led by Alistair and Mike, did a fantastic job managing the process, providing valuable advice and identifying Arbuthnot as the right partner for the business. It was a pleasure working together and we are pleased to have achieved a brilliant outcome for the company.”
“The Cavendish team were an integral part of this successful process. They were committed and professional throughout. Hydreco has an established market position, international footprint and complementary mobile hydraulic product line and this should be an exciting next phase of growth for the business under new ownership.”
“We are proud of the leading global business Xtrac is today; persistent innovation and exceptional customer service remain our highest priorities. Inflexion shares our values; its investment will accelerate our ambitious growth strategy, developing the next generation of high-end automotive transmission systems and expanding our coverage of the high performance hybrid and electric car transmission market. This partnership with Inflexion supports Xtrac’s ethos of employee ownership, and our team look forward to a new chapter in the continuing development and growth of our company.”
Cavendish played an invaluable role throughout a complex transaction and in particular getting the transaction across the finishing line.
This deal provides an excellent platform for the Levolux business to continue its overseas expansion. As well as the compelling strategic fit, Alumasc provides an excellent home for the Levolux brand and team. We are delighted with the outcome and the support extended to us by Cavendish.
This has been a highly complex transaction involving 10 jurisdictions. Cavendish has held our hands throughout the process, providing a dedicated team who have done a superb job; this has greatly reduced interruptions to our businesses whilst adhering to the original timetable. Cavendish has achieved a very successful sale at a fair price to a buyer who will enjoy significant strategic value from the purchase.
Recent Deals for Industrials Sector
Labcraft Holdings Limited
Safe Fleet UK Limited
KMP Holdings Ltd
Invicta Global Holdings plc
FAI Automotive plc
Melin Tool Company
Marinetrans & BGL
Waterland Private Equity