ECI pays ₤38m for UK fan maker

ECI Partners, investing from its ₤175m Fund VII, has agreed to acquire Nuaire, a privately owned fan manufacturer operating in Britain and France.

ECI Partners, the London-based UK mid-market private equity investor, has agreed to acquire Nuaire Limited, a privately owned manufacturer of domestic, commercial and industrial fans.

ECI said in a statement it had agreed to pay £38 million (€56 million; $63 million) for the company, which has approximately £35 million in turnover.

The firm invested an undisclosed amount of equity from its £175 million Fund VII, which is now approximately 50 percent invested. Bank of Ireland arranged a debt facility to fund the deal.

ECI acquired the business in a competitive auction organized by Cavendish Corporate Finance. The firm is backing Nuaire’s management team to implement a business plan to grow the company going forward.

According to Chris Watt, a member of ECI’s deal team, his firm’s commitment to Nuaire means that capital for add-on acquisitions was available should suitable opportunities arise.

The firm introduced Raymond Edwards as non-executive chairman to Nuaire. Edwards has sat on the boards of several of ECI’s investments and currently serves as chairman of Shepley Windows, a windows manufacturer that ECI acquired in 2000.

Deloitte & Touche advised ECI on the Nuaire transaction.