Industrial manufacturer set for M&A growth after private equity acquisition
Mon, 13 Mar 2023 | BUSINESS SALE
West Midlands-based manufacturer LoneStar Group has been acquired by private equity firm Epiris through its Epiris Fund III. Following the acquisition, Epiris has said it will seek to transform the business, including through M&A activity.
LoneStar Group is a global manufacturer and supplier of sealing product, fasteners, pipeline packages and precision-engineered components for customers in the global industrial and energy sectors. The group has manufacturing facilities and distribution points in the UK, USA and Middle East.
The firm supplies blue-chip customers, with its products used in extreme environments where the cost of product failure, financially and in terms of safety, is significant. As a result, its products are manufactured within a highly controlled quality system, ensuring full traceability, and are subject to exacting testing and accreditation requirements.
Commenting on the deal, Epiris partner Charles Elkington said: "LoneStar is typical of the kind of business in which we seek to invest. It is a high-quality business: a global market leader with scale and clear competitive differentiation.”
"It operates in attractive markets, benefiting from growing energy demand in both traditional and renewables. Most importantly, it is one which we believe we can transform by bringing our trademark focus on strategy, operational excellence and M&A."
Epiris Managing Partner Alex Fortescue added: “LoneStar caps an exceptionally busy period for us with five new investments, including the final investments for Fund II and now the first two investments for Fund III. Deployment and performance of Fund III are off to a great start and we see an exciting environment ahead for our distinctive approach to investing.”
The acquisition is the second investment made through Epiris’ Fund III, following the take-private of Euromoney Institutional Investor in November 2022. Epiris invests in firms that have an enterprise value between £75 million and £500 million and has invested over £5 billion across more than 200 deals.
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