Primary Awarded Exit of the Year
Primary’s sale of Napier Turbochargers to NYSE listed Wabtec Corporation has been named Small Buy-out Exit of the Year at the Unquote 2013 British Private Equity Awards held earlier this month.
Napier, which was acquired by Primary in June 2008 from Siemens Industrial Turbomachinery Limited, a subsidiary of Siemens AG, generated an impressive return of 5.5x cost of investment for Primary.
At the time of acquisition, Napier was heavily integrated within the Siemens Gas Turbines business and separating it was a complex process. Post-acquisition, the company was able re-energise the Napier brand and re-establish it as a stand-alone business. In addition, the company’s investment in R&D was doubled to accelerate the development of new, leading edge technologies and products and the factory footprint was increased by over 70%. Despite difficult economic conditions, profits tripled during the period of Primary’s ownership.
The exit is yet another in a long line of high returning exits for Primary, with more than 50% of all Primary exits since inception having returned over 3.5x cost of investment.
Contact Jackie Adams for more information
Tel: +44(0) 20 7920 4800