Olswang has advised the shareholders of Napier Turbochargers, including independent private equity firm Primary Capital Limited, on the sale of Napier to New York Stock Exchange listed Wabtec Corporation.
Napier is one of the largest independent manufacturers in the world of large axial turbochargers for use in the marine and power generation industries. It manufactures turbochargers for diesel, heavy fuel, dual fuel and gas engines in the 0.5MW-20MW power range as well as providing related spares and aftermarket services to its substantial installed base.
Neil Wallace, who led the original deal for Primary and represented its interests during the investment, commented: “We are very pleased to have helped Napier develop into a thriving global technology-led business and to have achieved a successful exit which has provided Primary with a return of over five times the cost of investment. Stephen and his team provided a first class and comprehensive service at all stages of the transaction and helped ensure the deal was completed in a very short timeframe.
Stephen Rosen, Partner at Olswang, commented: “We were delighted to advise on the successful sale of this portfolio company. We are seeing greater interest from acquirers outside the UK and our experience on transactions of this nature was crucial in delivering a smooth completion in a relatively compressed timetable. It was also great to be able to showcase our strength in depth across our tax, real estate, environmental, pensions and IP specialisms, all of which were relevant for the transaction”.
The Olswang team was led by Private Equity Head Stephen Rosen and assisted by Fiona Twigg (solicitor, Corporate), Ben Taylor (solicitor, Corporate), Natasha Kaye (Partner, Tax) and Mark Spinney (solicitor, Tax).