3i exits Insensys via Moog acquisition
Article Date: Feb 04 2009Private equity firm 3i has sold its minority stake in fibre optic specialist Insensys to US-based Moog, which makes precision control systems.
The acquisition values Insensys, which reported sales of £5.2 million last year, at £16 million. 3i, which first invested in the company in 2003, says it has generated a ‘strong return’ on its money.
Martin Jones, co-founder and chairman of Insensys, says, ‘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.’
The company’s technology enables the blades of wind turbines to be adjusted in order to improve their efficiency, among other applications.
Steve Huckvale, president of Moog’s international group, claims, ‘The use of real-time data improves turbine performance and lower a wind turbine’s total cost of ownership.’
Law firm Osbourne Clarke advised 3i on the sale of its stake in Insensys.
