Electra Partners, a London-based mid-market house, has bought ventilation systems manufacturer Nuaire from rival mid-market firm ECI Partners for around £70 million (around €103 million, around $140 million). The deal has generated an internal rate of return of 80 percent for ECI.
ECI backed the £38 million management buyout of the business, which has sales of more than £40 million, from founder Brian Moss in 2004 and bought a 78 percent stake.
ECI has also bought out UK healthcare software provider CliniSys from its management team for £61 million – just one day after the Nuaire exit. The firm has introduced Ken Briddon, former chief executive officer of UK software business JBA, as chairman.
ECI is based in London and Manchester and has more than £500 million under management. The firm recently sold Enviros, a UK environmental consultancy business, to Alfred McAlpine, a London-listed support services business, for £30 million. The deal generated a return of 2.6 times the original investment for ECI, which is currently investing its eighth fund of £255 million.