US-based manufacturer of air and gas-handling solutions Spencer Turbine has been purchased by a subsidiary of the Howden Group Limited (Howden).
An independent company, Spencer Turbine manufactures technology such as industrial blowers, vacuum systems and gas pressure boosters, with sales mainly concentrated around the US and China.
The sale announcement was made by independent investment bank Matrix Capital Markets Group (Matrix), which managed the transaction.
David Shoulders, Managing Director, Matrix said that, dating back to 2007 when Matrix assisted in the sale of Spencer Turbine to investment firm Alliance Holdings, they have enjoyed watching the ‘successful growth’ of the company.
“To have the ability to witness the lifecycle of the investment, including advising on both sales, has been a privilege,” he added.
The sale sees the 90-employee strong company expand UK-based Howden’s addressable markets by over $1.2bn.
Stating that the company is ‘proud to join Howden’, Tony Mancini, President, Spencer Turbine also said that they look forward to combining the expertise of both companies.