Clearwater International has advised LDC on the MBO of leading water pump and pressure solutions business Stuart Turner, including raising a significant debt package to support the acquisition. Working capital facilities have been provided by RBS with acquisition debt from Barings.
Founded in 1906, with strong heritage in engineering excellence and product innovation, Stuart Turner has an established reputation for high-quality products for the commercial and domestic markets, including a patented solution for mains water pressure issues.
Stuart Turner is led by CEO Mark Williams and Financial Director Malcolm Harris, and employs over 100 people. The business has achieved significant growth over the past six years generating turnover over £22m (€24m) for the financial year ending September 2016.
Following LDC’s investment, Stuart Turner plans to accelerate its targeted acquisition strategy in the commercial pump sector and adjacent product categories. This follows the business’ acquisition of two leading UK pump manufacturers, TWS and Allan Aqua, in the last two years.
The Clearwater International team was led by Industrials Partner Constantine Biller, with support from debt advisory Partner Chris Smith, Directors Karen Edwards and Joe Dyke and Associate Steve McQuillan.
Constantine Biller, Industrials Partner, Clearwater International
Chris Smith, Partner, Clearwater International
“Partnering with a like-minded investor that not only has a strong track record in our sector, but is able to bring additional non-exec expertise on board, was extremely important to us. We’re looking forward to embarking on the next phase of our growth journey with LDC.”
Mark Williams, CEO, Stuart Turner
Andy Lyndon, Head of LDC in the Midlands