Compass Partners has signed an agreement to sell Flakt Woods to fellow private equity group Sagard for an undisclosed sum.
H&V News reported that the leading air movement firm was up for sale last month (See H&V News July 7).
Now the sale has been confirmed for the Group, which reports net sales of around £371 million and employs more than 3,000 staff across Europe, Asia and the US.
Ventilation equipment manufacture is a new area for Sagard, which is based in France, and also operates in Belgium and Switzerland.
Neil Yule, sales and marketing director at Flakt Woods stressed business as usual and was quick to dismiss any idea of job losses or that the company would be broken up.
“We’ve passed from one private equity firm to another, so there will be no big change for us,” he said.
“Sagard is keen to invest in niche players with an edge. It has no other companies in its portfolio that do what we do.
“We’re excited. We feel there will be more investment and that Sagard sees us as a vehicle for more acquisitions.”
Antoine Ernoult of Sagard Partners added: “The acquisition of Flakt Woods represents a step forward in the strategy of Sagard to invest in ambitious middle market companies with leadership positions.
“Flakt Woods is a unique platform to continue creating value with untapped organic growth and multiple acquisition opportunities in an attractive sector.”
Compass Partners International merged Fläkt and Woods in 2002.