Lifeboat builders sold for £280m
A Dunmurry survival equipment manufacturing firm has been bought over by a global private equity firm for £280m.
The long-anticipated purchase of Survitec by Warburg Pincus was announced yesterday, with the buyers promising to expand the company through acquisitions in North America and Asia.
Survitec, which employs 300 people at its Dunmurry headquarters, supplies lifeboats to the US Navy and survival suits for Australian airforce pilots.
Warburg Pincus said management at Survitec would continue to lead the business.
Survitec chief executive Doug Baxter said: “We are extremely pleased to partner with Warburg Pincus and look forward to Survitec’s continued expansion and success.”
A consortium including Lloyds, Bank of Ireland, HSBC, Unicredit, ING, GE and Societe Generale provided £130m in financing, with Warburg coming up with the |remaining 54% in equity.