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Nova Capital acquires BMP Group and RB Medical from Andrew Industries
Nova Capital Management has acquired BMP Group and RB Medical from UK manufacturing group Andrew Industries, expanding its portfolio of industrial and specialised manufacturing businesses, according to a report by PE Hub.
Financial terms of transaction have not been disclosed
BMP Group manufactures industrial consumable components and sub-assemblies for sectors including office automation, filtration, automotive, domestic appliances, sustainable tree protection and renewable energy. RB Medical supplies healthcare products to the UK medical market.
The businesses have operations across several international markets and will continue to operate with their existing management teams following the transaction.
Nova partner Omiros Millas and operating partner Carl Francis will jointly oversee the companies, working with management on strategy, operational performance, investment and business development. Nova will also provide additional financial, strategic and operational resources to support growth.
The private equity firm said it sees opportunities to develop the businesses individually while also increasing collaboration across the group.
The deal separates BMP and RB Medical from Andrew Industries, the Lancashire-based manufacturing group founded in 1894. Andrew Industries will retain its remaining operations, which manufacture and distribute technical non-woven materials, as well as non-woven felts and related products used in industrial laundry applications.
Nova managing partner and founder David Williamson said the firm plans to build on the companies’ existing foundations through further investment, operational improvements, product development and long-term expansion.
Founded in 2002, Nova has invested in more than 75 businesses through transactions with an aggregate value exceeding $3bn.
Source: Private Equity Wire