In its second exit in as many days, UK private equity house 3i has sold its minority stake in Insensys, a Southampton-based provider of monitoring systems for the wind energy and aerospace markets.
The company was acquired by Moog, a NYSE-listed wind power component manufacturer, for £11m. The deal sees Moog take a 70% stake with the option to take the remaining 30% within 12 months. The sale of 3i’s stake values Insensys at £16m.
3i backed the business in 2003, injecting capital which was used to merge with Indigo Photonics, and took up a position on the board.
Matthew Mead, 3i partner and Insensys board member, said: “We are delighted to have invested and supported the rapid growth of this innovative cleantech business. Insensys has grown strongly over the last three years and is now a major supplier to the wind turbine sector. We and the other shareholders see its acquisition by Moog as a great platform to take the business into its next phase of development.”
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