3i backed Insensys is acquired by Moog following 6 years of impressive growth
3i, a leading private equity firm, announces that it has sold its minority stake in Insensys Ltd, provider of unique fibre optic load measurement technology to the Wind Energy and Aerospace markets, to Moog Inc. (NYSE: MOG.A and MOG.B), in an acquisition which values Insensys at £16m.
Insensys is a leading supplier of fibre optic systems used in pitch control and rotor blade monitoring systems for wind turbines. These systems adjust the angle of blades to control load and improve the efficiency of the turbine. Precise control and monitoring extends the turbine’s life, improves safety and reduces maintenance costs. The company reported 2008 revenues of £5.2 million.
This successful sale demonstrates impressive growth of Insensys over the last 6 years and generates a strong return on 3i’s investment over the period. 3i initially invested in Insensys in 2003, providing capital funding, enabling a merger with Indigo Photonics, and taking an active role on the board to drive forward ambitious growth plans.
“We are particularly pleased to be joining forces with Moog - the technical synergies are very strong. In addition, Moog will enable us to significantly increase our global footprint and give us the platform to expand our presence in our key markets, namely the USA and Far East,” said Martin Jones, co-Founder and Chairman of Insensys.
Matthew Mead, 3i Partner, on the Insensys board, added: “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.”
Steve Huckvale, President of Moog’s International Group added: The acquisition of Insensys strengthens our technology product portfolio, domain expertise and relationships with customers in the alternative energy sector.” He continued: “The use of real-time data improves turbine performance and lower a wind turbine’s total cost of ownership. Fibre-optic sensing systems from Insensys add advanced measurement capabilities and data intelligence that will be a differentiator for turbine manufacturers, blade manufacturers and wind park operators.”
Notes to editors
Insensys provides unique fibre optic technology for measuring loads. The technology can be attached to almost any structure but comes into its own when it is embedded within carbon fibre or fibreglass creating structures that are sensitive to the loads they experience. Insensys has had considerable commercial take up in the Wind Energy and Aerospace sectors. Its technology is used for both structural health monitoring and control applications. For further information: http://www.insensys.com/
Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, marine and medical equipment.
Additional information can be found at http://www.moog.com/.
3i is an international leader in private equity. We focus on Buyouts, Growth Capital, Infrastructure and Quoted Private Equity (“QPE”) and invest across Europe, North America and Asia. Our competitive advantage comes from our international network and the strength and breadth of our business relationships. These underpin the value that we deliver to our portfolio, to our shareholders and to our fund investors.
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