Montagu Private Equity, the UK mid-market firm, is eying a sale of its “survival technology” business Survitec. The firm hired investment bank NM Rothschild to conduct a review of the business, which subsequently resulted in “a number of approaches” to buy the firm, a source close to the firm told PEO.
Montagu is now in a process of “testing the market” that will only result in a sale if an “acceptable price” in the region of £300 million (€348 million; $492 million) is offered, the source said. Montagu declined to comment on the process.
Montagu acquired Survitec in 2004 for £146 million in a management buyout from Alchemy Partners, another UK mid-market firm. In April this year, Montagu brought in a new chief executive, Doug Baxter, a defence industry veteran. Survitec supplies safety and survival equipment to the defence, marine, military, aerospace and homeland security markets.
Survitec employs more than 1,000 people at its seven manufacturing sites and 13 service and distribution centres around the world, according to its website. Its European headquarters are located in Dunmurry, Northern Ireland.