Bridgepoint sells Concentric to Haldex of Sweden
UK engineering group Concentric has been sold by Bridgepoint to Haldex of Sweden, a quoted provider of innovative technology solutions to the global vehicle industry, for an undisclosed sum.
Concentric, headquartered in Birmingham, is a world leading supplier of oil, water and fuel pumps for medium and heavy duty diesel engines servicing a client base from facilities in the UK, US, China and India. It was the subject of a Bridgepoint-backed management buyout and de-listing in September 1998. Commenting on the transaction, Joakim Olsson, CEO of Haldex, said: “Concentric represents an excellent contribution for our Hydraulic Systems division which will add to Haldex's focus on leading edge technology and growth in structurally interesting niches. The acquisition is a first step in the strategic plan to optimize the Group Structure and creates a strong Hydraulic Systems division.” Concentric's offering is highly complementary to Haldex Hydraulic Systems' current offering for diesel engines, in particular in the area of emission reduction and fuel efficiency. Advisers involved in the transaction included: for Bridgepoint/Concentric: PWC Corporate Finance, Travers Smith (legal), Browne Jacobson (legal for management), KPMG (financial), Ricardo (technical), GaiaTech (environmental); for Haldex - RSM EquiCo (corporate finance), Wragges (legal), E&Y (financial).