August Equity LLP (“August Equity”) is pleased to announce that it has completed the £37 million buy-in management buy-out of midlands based Accura Support Services Limited (“Accura”). Accura is a provider of highly specified business critical components, principally to the oil and gas and aerospace sectors.
August Equity is backing the existing management team who will continue to manage and grow the business. Peter Andrews, former chairman, and Barclays Ventures, who acquired the business in 2005, will exit the business in full.
August Equity has introduced Simon Armstrong as non executive chairman. Simon is a highly experienced chairman who has worked with August Equity on two previous investments: InterMed Holdings, which was exited in May 2007, and Rixonway Kitchens, an existing portfolio company.
Accura operates as two separate divisions: supply chain services under the brands Linvic and Concept and technical contract services under the brands Accura Geometric and Accura Geneva.
Sam Watkinson, partner at August Equity, who led the deal said: “Accura has an excellent reputation amongst customers who associate Accura with high quality performance and delivery on short lead times. The deal presents us with an opportunity to back a proven management team in a growing sector, and we are looking forward to working with the management team in continuing its growth.”
Ian Austin, managing director at Concept Steels, said: “We are very excited about partnering with August Equity. We were impressed by their speed and sector focus and believe they are the ideal partner for us to work with in delivering our strategic plan. We have experienced significant growth and believe that, with August Equity, there is opportunity to accelerate this growth further.”
The investment team at August Equity consisted of Sam Watkinson, partner, Keith Davidson, investment director, and David Lonsdale, investment manager. Sam and Keith will join the board as non executive directors.