Epiris today announces that Epiris Fund III, advised by Epiris LLP, has acquired LoneStar Group (“LoneStar”), a leading global manufacturer and supplier of high-performance fasteners, sealing products, precision-engineered components and pipeline packages for the world’s industrial and energy markets. This is the second investment for Fund III following completion of the take-private of Euromoney Institutional Investor plc in November. Financial terms are not being disclosed.
Headquartered in the West Midlands, UK, LoneStar supplies blue-chip customers worldwide from its manufacturing and distribution sites in the UK, USA and Middle East. Its components are required to perform in extreme environments where the cost of product failure, in both financial and safety terms, can be significant. LoneStar’s mission-critical products are therefore made to exacting tolerances, are subject to stringent testing and accreditation regimes, and are supplied within a fully-controlled quality system that ensures full traceability of components from raw materials to customer despatch.
Peter Williamson, with whom Epiris also works as Chairman of its portfolio company Diamorph, will join the group as non-executive Chairman.
Charles Elkington, Partner at Epiris, said:
“LoneStar is typical of the kind of business in which we seek to invest. It is a high-quality business: a global market leader with scale and clear competitive differentiation. It operates in attractive markets, benefiting from growing energy demand in both traditional and renewables. Most importantly, it is one which we believe we can transform by bringing our trademark focus on strategy, operational excellence and M&A.”
Alex Fortescue, Managing Partner at Epiris, said:
“LoneStar caps an exceptionally busy period for us with five new investments, including the final investments for Fund II and now the first two investments for Fund III. Deployment and performance of Fund III are off to a great start and we see an exciting environment ahead for our distinctive approach to investing.”
The Epiris team on the LoneStar investment is Charles Elkington, Zoe Lai, Pablo Espinoza, Scott Forbes and Nikki Lahiri. Epiris was advised by Latham & Watkins, Deloitte, Zeus Capital and LEK.
For Epiris LLP please contact:
Greenbrook Communications
Robert White, Matthew Goodman, Daniel Oliver
+44 (0)20 7952 2000
About Epiris
Epiris is a top-decile* private equity firm which invests in opportunities to transform businesses in partnership with exceptional management teams. It targets control positions in UK-headquartered businesses with an enterprise value of between £75 million and £500 million, deploying between £40 million and £150 million of equity.
Epiris’ current investments include Delinian, a global B2B information services business; Sepura, a leading global provider of digital radio systems for mission-critical applications; Inchcape Shipping Services, one of the world’s largest maritime services providers; Appello, a leading technology-enabled care provider; Stuart Turner, a producer of pumps and water-boosting products for residential and commercial uses; Sharps, the UK’s leading supplier of bespoke fitted bedroom furniture; The Big Table, a leading UK restaurant operator; Nucleus, an investment platform; Diamorph, a supplier of advanced material solutions for demanding and safety-critical applications; Bonhams, the global auction house; The Club Company, the UK’s largest country club operator; and Portals, one of the world’s leading manufacturers of security papers and features.
For further information, please visit www.epiris.co.uk.
Issued by Epiris which is authorised and regulated by the Financial Conduct Authority.
*As at 30 September 2022. Gross IRR does not reflect adjustments for investment management and administration costs. Comparator data supplied by Preqin. Past performance is no guarantee of future results.