Mid-market buy-out firm AAC Capital UK has sold Volution Group to funds advised by TowerBrook Capital Partners LP (TowerBrook). AAC UK generated a money multiple of 2.4x on its original investment of GBP49.25m.
Headquartered in Crawley, Volution supplies a range of ventilation products to improve the built environment with an emphasis on energy efficient solutions. Volution’s largest operation, Vent-Axia, is the UK’s leading branded ventilation business and the UK market leader in energy efficient residential ventilation and heat recovery products.
The group also incorporates the Torin-Sifan OEM fan and blower supplier, the UK’s only manufacturer of low energy motors focussing on ventilation applications. Within the Vent-Axia division, Volution also supplies a broad range of domestic and commercial fans and ducting to both new-build and repair and maintenance markets in the public and private sectors.
Volution has been actively managed by AAC UK since its acquisition in July 2006. During AAC UK’s ownership revenues have grown for each of the last three years and are now GBP95.1m (year to July 2011).
Paul Southwell (pictured), UK Managing Partner at AAC UK, says: “Volution has been a successful investment for AAC UK and represents an excellent return for our investors in a challenging macro-economic environment. Working with a first rate management team, led by Kevin Sargeant, we have delivered on our strategy to focus Volution on its core business and to drive profitable growth both organically and through strategic acquisitions. The business is now well positioned for the next phase of growth and we wish the management team continued success under their new ownership.”
Kevin Sargeant, Group CEO of Volution, says: “We have greatly enjoyed working with the team at AAC UK over the last few years. AAC UK has been very successful in helping us drive growth and has actively supported the development of our business.”
Paul Southwell and Andrew Moye co-ordinated the investment and exit on behalf of AAC UK and as a result of the deal will resign from the board of Volution.
