The ventilation and cable management businesses of Smiths Group plc have been acquired for £125 million in a management buyout backed by HSBC Private Equity.

The ventilation businesses, which include the market-leading brands Vent-Axia, Roof Units, Quartz, Airstream, Sifan and Torin, are leaders in the supply of extractor fans, ventilation systems, and blowers to retail, commercial and industrial markets. The cable management businesses include the well-established Adaptaflex, Kopex, and Elkay brands.

The combined businesses have been acquired by a newly formed company. They employ approximately 1,000 people and had sales in 2001 of approximately £105 million. 

The management team is led by Kevin Sargeant, who has been Managing Director of the ventilation business since 1988. Commenting on the acquisition Kevin said: "Our partnership with HSBC Private Equity is an exciting step in the strategic development of our business. Their support will be invaluable in driving the business forward and helping further consolidate our market leading positions across the ventilation and cable management markets."

The investment was led by Jason Gatenby of HSBC Private Equity: "We are delighted to be supporting Kevin and his team in this deal. The group is made up of a number of businesses which dominate their markets. It has a strong record and is a stable platform from which to enter exciting new markets such as heating and air conditioning."

The HSBC Private Equity investment was co-ordinated by Jason Gatenby, Neil Graham and Mahmoud Atalla. It is the third to be made from HSBC Private Equity's recently raised European buyout fund.

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