Investment firm Primary Capital has announced the acquisition of Napier Turbochargers for an undisclosed sum from Siemens Industrial Turbomachinery.
Napier currently manufacturers large axial turbochargers for use in marine, power generation and rail traction industries. It manufacturers turbochargers for diesel, heavy fuel, dual fuel and gas engines in the 0.5MW-20MW power range as well as providing related spares and after market services to its substantial installed base. The company employs a workforce of 160 and generates a turnover of £30m.
Napier managing director Andy Thacker said: ‘I am very pleased that the business has been acquired by a shareholder committed to investing further in R&D to maintain its technology and in the expansion of the business to meet customer demand.’
The deal was led and structured by Primary’s investment director Neil Wallace, who now joins the Napier board as a non-executive director.
‘Napier will have the flexibility to work more closely with its partners to be able to continue developing products and technology which are a critical component in improving engine efficiency and lowering environmental emissions,’ said Neil Wallace. ‘We look forward to supporting the further growth of the business outside of the Siemens Group.’