UK middle market private equity firm August Equity has purchased specialty pipefitter and precision parts specialist Accura Support Services for £37 million (€45 million, $66 million) from Barclays Ventures.
London-based August Equity has backed Accura’s existing management team, which will continue to oversee the company, and has also introduced Simon Armstrong as a non executive chairman on Accura’s board.
Barclays Ventures will exit Accura in full, according to a statement from August Equity. Barclays picked up the company from Nova Capital Management for £11.9 million in 2005.
Accura engineers and manufactures highly specified business critical components for the oil and gas and aerospace industries, including press tools, flanges, and steel bars.
August Equity partner Sam Watkinson and investment director Keith Davidson will join the board as non executive directors.
August Equity typically invests between £10 million and £50 million of equity in UK-based companies in the healthcare, media and technology, industrial products and services and consumer products and services sectors. The firm has €285 million in capital under management.