Close Brothers Private Equity Limited (‘CBPE’) has, together with management, sold its investment in Isle of Wight-based composites business SP Systems to Swiss industrial conglomerate Gurit Heberlein (“Gurit”). The purchase price was £75m.

SP Systems is a world leader in the use of composite technology for building large structures such as wind energy turbines and racing yachts. It has a turnover of £60m. Customers include Vestas (the world’s leading wind energy turbine supplier), TVR cars, and state-of-the-art racing yachts such as Ellen McArthur’s “Kingfisher” and those currently campaigning in the America’s Cup challenge in New Zealand.

CBPE backed the original management buy-out from SP Systems’ American owner in November 2000. In the relatively short time in which CBPE has been involved, management have almost doubled profits to £7m.

Gurit is a Swiss, publicly listed, industrial conglomerate which already has a number of smaller composites businesses in its portfolio. The addition of SP will take it straight to market leadership in the wind energy market and provide access to technology which it can use across its range of businesses. Importantly, it will also give Gurit access to SP’s talented management team which has demonstrated its success in the composite materials sector.

Richard Lott of CBPE said:

“The relationship with Gurit should enable SP to support its strong technology and customer base with global expansion. Our investment in SP has proved very successful and we have greatly enjoyed our association with Paul Rudling and his management team. We wish them every success in their future plans.”

Paul Rudling, Chief Executive of SP said:

“CBPE has been a good financial partner for us. They were able to deliver a quick deal process which enabled us to buy out the business in the first place and have been very supportive of our plans. The sale to Gurit is an excellent move for SP. It should enable us to accelerate the achievement of our strategic goals and provide the necessary resource for us to develop our technology and serve our customers better.”

Bond Pearce in Southampton was the legal advisor to CBPE.


Enquiries

Richard Lott – Close Brothers Private Equity
Tel: 020 7426 4000
Adrian King/Barnaby Fry – Flagship Consulting
Tel: 020 7886 8458/8459
This press release has been issued by Close Brothers Private Equity Limited. Close Brothers Private Equity Limited is regulated by the FSA.