Melrose sells Brush in £100m deal
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Melrose, the firm which specialises in buying and selling underperforming businesses, has sold Loughborough-based Brush in a deal worth £100m to One Equity Partners.
Brush provides turbogenerators, transformers and related power services.
Melrose had owned Brush since 2008, when it acquired FKI, which included the Brush product lines, and companies.
A statement from Melrose said: “Brush is the final business to be sold from the FKI acquisition in 2008, which has been a highly successful investment for our shareholders, providing a 2.6x return on shareholders’ initial equity, equivalent to an IRR of 29%. We thank the Brush management team for their hard work and wish the business well in its next phase.”
“With a rich history dating back to the 1880s, BRUSH has a proven track record for market leadership, product innovation, and trusted customer service. OEP is excited to partner with BRUSH’s industry-leading management team for the next chapter in the BRUSH story,” said Ori Birnboim, managing director, OEP.
Additionally, Brush has acquired Aprenda, a Cambridge-based electrical engineering company
The news comes a day after Melrose sold its North American Nortek Air Management business in a deal worth £2.62bn.