Micro Spring & Presswork

Deal Type – Acquisition
Deal date – February 2008

The Micro Spring & Presswork Company (“MSP”) is a specialist manufacturer of a wide range of springs, presswork and assemblies primarily for the aerospace and oil & gas industries. In June 2014, Nevis sold MSP to Indutrade AB, a listed Swedish industrial conglomerate. The deal provided an excellent return for Nevis and Managing Director, Keith Gardner, who remained with the business.
Below is an overview of the development of the business during Nevis ownership:

• Established in 1964, MSP was acquired by Nevis in February 2008.

• At the time of the acquisition, Nevis brought in Keith Gardner to replace the outgoing Managing Director and to complement the existing team.

• Nevis worked with the management team to develop MSP’s systems and processes to achieve the accreditations (AS 9100 and NADCAP) required to grow sales in its core Aerospace market and to implement a new ERP system providing job costing and improved management information.

• Investment in new machinery assisted in automating aspects of production increasing capacity and improving margins.

• The acquisition of Invincible Spring Company in 2011 expanded MSP’s customer base and brought strong additions to the sales and quality teams.

• Nevis analysed MSP’s end markets and territories and identified the Oil and Gas sector as a key target for future growth. From a standing start, the sector generated consistent growth with customers in the UK, Norway and the USA and represented a third of the business at the time of the Nevis exit.

• Under Nevis ownership, sales grew by more than 50% and the number of employees grew from 29 to 45.

• In 2014, Nevis identified Indutrade as a strong strategic buyer for the business who would support its continued growth. After building a solid relationship with the Indutrade team, Nevis sold MSP in June 2014.

With Nevis supporting the management team, MSP grew to become recognised as a market leader in its chosen sectors. Keith Gardner, Managing Director of MSP, said:

“Nevis worked with us to build the foundations for growth and helped us to expand into new markets and territories. Their team brought a range of skills and experience together with a “can do” attitude that made them the ideal partner to drive the company forward.”

Click here to view the MSP press release.
Website: www.microspring.co.uk

 

 

apex hss

Apex Generators

Deal Type – Sale
Deal date – March 2014

Apex Generators (“Apex”) specialises in the hire of power generation equipment and offers a range of diesel generators and ancillary products.  Nevis sold the business to HSS Hire Group in March 2014.  The deal was a tremendous success for Nevis and an overview of the development of the business is set out below:

  • The business was formed in November 2009 when Nevis acquired Woodside Power and re-branded it as Apex Generators.

 

  • We brought in experienced management to augment the existing Woodside Power team and supported them to relocate the business and implement an ISO accredited integrated management system within 6 months.

 

  • This facilitated a market leading level of customer service which helped drive sales into new sectors and geographies.

 

  • To support this growth, Nevis and its banking partners provided the finance to increase the hire fleet from 10mVA to 45mVA.

 

  • During our ownership, sales quadrupled and what had been a breakeven business generated EBITDA in excess of £1.7m per annum.

 

  • In 2013, Nevis identified HSS Hire Group as a potential trade acquirer of the business and initiated discussions about combining Apex with their existing Abird business.

 

  • Having built a strong relationship with the HSS team, we sold Apex to them in March 2014.

The success of Apex was driven by the combination of a strong management team complimented by the strategic support of Nevis.  Robert Gibson, who led the Apex management team, commented:

“Nevis brought the experience, finance and mindset for growth that we needed and were instrumental in the development of the business.  Their straight-forward approach and ability to support us when required made them the ideal partner for a growing business.”

Click here to view the Apex Generators press release.

Website: www.apexgenerators.co.uk

 

 

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