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.
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
Melin Tool Company
Marinetrans & BGL
Waterland Private Equity
Export Development Canada