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Clyde Blowers to acquire four companies from Textron in $1bn deal11/09/2008. Source: AltAssets. 
 Clyde Blowers, the East Kilbride, UK-based business development and engineering group owned by Scottish entrepreneur Jim McColl, has agreed to acquire an entire business unit from US company Textron in a deal valued at $1bn. Equity for the deal was provided by Clyde Blowers Capital Fund ll, a private equity fund established by Clyde Blowers to provide financing for this deal and for future acquisitions.
The co-lead investors in the fund are Boston-based HarbourVest Partners and London-based Pantheon Ventures, alongside Bank of Scotland and Swiss firm LGT Group.
The companies being acquired are Maag Pumps systems, an Oberglatt, Switzerland-based provider of polymer and compounding pumps, extrusion pumps, screen changers, filtration systems and industrial pumps; David Brown Gear Systems, a Huddersfield, England-based provider of gearing solutions to large and growing industries including defence, mining, metals and minerals, power, cement, oil and gas, and food and beverage; David Brown Hydraulics, a Poole, England-based provider of hydraulic pumps, motors, valves and power take off units; and Union Pumps, a Battle Creek, Michigan-based producer of centrifugal and reciprocating pumps and associated aftermarket parts and services.
HarbourVest's managing director Peter Wilson said, 'HarbourVest is very excited to partner with Jim and the team at Clyde Blowers. The progress made at Clyde Pumps over the past 12 months is testament to the operational skills that will be brought to bear on the newly acquired companies, and we see the deal as a groundbreaking portfolio transaction bringing together outstanding industrial expertise with private equity capital.'
Elly Livingstone, partner at Pantheon Ventures, added, 'We are delighted to have agreed this partnership with the Clyde Blowers team. This is a truly innovative transaction, which speaks to the range and scale of secondary investing, as well as the development of both new deal structures and emerging private equity managers.'
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