Electra acquires Nuaire
30 April 2007
Electra Private Equity PLC (“Electra”) has invested £34 million in the secondary buyout of Nuaire from ECI Partners. Electra has invested alongside the management team led by Alan Wright.
Nuaire is a leading manufacturer and distributor of ventilation systems for the commercial, residential and OEM markets. It has grown strongly under ECI’s ownership and is well placed to benefit from increasing demand for ventilation systems to comply with new building regulations and environmentally friendly policies. Nuaire provides Electra with an opportunity to invest in a quality business in a market with strong growth potential.
Charles Elkington of Electra Partners (the Managers of Electra) comments “We are excited to be backing Nuaire’s strong management team and look forward to supporting its continued growth.”
Chris Watt of ECI comments “Nuaire represents another successful exit for ECI and a great example of a British manufacturing success story. Since we backed Nuaire, the business has grown at a rate that vastly outperforms its sector. We have invested significantly in R&D; and have been first to market with a number of products that have pushed Nuaire to the forefront of its industry and will ensure that this strong growth continues under new ownership. Nuaire is now a true leader in its field and we have enjoyed working with an exceptional management team that had delivered excellent results over the last 3 years. We are confident that this will continue and wish them all at Nuaire a successful future.”
Alan Wright of Nuaire said “With ECI’s support and backing, we have accelerated investment in new products and re-aligned our sales effort such that Nuaire is now extremely well positioned to capitalise on the many opportunities available in the ventilation market. We have enjoyed a very successful period with ECI and look forward to continuing that success with Electra”.
Bank of Ireland was the Sole Mandated Lead Arranger on the transaction with The Royal Bank of Scotland funding in at Completion as a Joint Lead Arranger.
Greg McDowell at Bank of Ireland comments that "Bank of Ireland has enjoyed a very positive relationship with Nuaire since the ECI MBO in early 2004 and is delighted to continue its support of management and Electra Partners as they look to take the business to the next stage of its development".