Private equity firm Clyde Blowers has acquired Finland-headquartered Moventas Group through its Capital Fund III (CBC Fund III).

Private equity firm Clyde Blowers has acquired Finland-headquartered Moventas Group through its Capital Fund III (CBC Fund III).

The €100 million (£86 million) deal brings to Clyde Blowers a business that manufactures wind turbine gears as well as power transmissions for industries such as pulp and paper and mining. The transaction is said to save Moventas from bankruptcy.

The majority of the products’ end uses are connected with renewable energy. The company has 1,000 employees in ten countries.

The deal marks the first investment made by CBC Fund III, which completed its first close in August with a target fund size of £350 million.

‘Moventas is a high quality engineering business with a fantastic product range,’ says chief executive of Clyde Blowers, Jim McColl.

He adds: ‘Moventas operates some of the most advanced, state of the art manufacturing and test facilities in the world and has an extensive product range.’

The acquisition has been financed with equity investment with no third party bank debt.

Jukka Jaamaa, president and chief executive officer of Moventas, comments: ‘We are very pleased to get an excellent owner for us with an industrial background – Clyde Blowers offers us stability and further development of our business.

‘This also significantly strengthens our position and opportunities on our main markets.’

In August venture-backed ClydeUnion, the pumps arm of Clyde Blowers, was sold to American Fortune 500 company SPX for £750m.