A 100-strong manufacturer of condensate pumps is looking to "further penetrate" international markets after being acquired in a £105m deal by private equity giant 3i.
Aspen Pumps, based in East Sussex, manufactures and distributes specialised mini pumps which remove condensate water from air conditioning and refrigeration systems.
The company, which was founded in 1992, has a strong international presence, with its products available in more 100 countries.
Aspen, which had previously been majority owned by Inflexion since 2007, delivered EBITA of £10m in the year ended 31 December 2014.
Inflexion has realised a return of 14x on the sale.
Aspen intends to further penetrate international markets in Europe, the Americas and Asia through a number of organic and acquisitive initiatives to enhance its offering of value-added components, tools and accessories.
Aspen chief executive officer Adrian Thompson said: "We are delighted to be partnering with 3i. We have been impressed with their ambition for the business and feel we can benefit greatly from their experience supporting businesses achieve international expansion. We are excited by the opportunity to continue our successful growth with a supportive and insightful partner."
3i partner Pete Wilson added: "Aspen is a great fit with our strategy of supporting mid-market companies to grow internationally. It is an excellent business, with best-in-class products addressing structurally growing, global markets.
"We look forward to working with the team to continue Aspen's highly successful development through further international growth and product range expansion, as well as actively supporting complementary acquisition opportunities."
3i's advisers on the transaction were Baird (corporate finance), Travers Smith (lawyers), Deloitte (financial and tax due diligence), LEK and CIL (commercial due diligence) and Arthur J Gallagher (insurance).
Inflexion was advised on the sale by Catalyst Corporate Finance and Jones Day.