Alantra supports Aspen Pumps on landmark sale into Europe’s largest Multi-Asset Continuation Vehicle

Jun 2025

Sell-side advisory

London – Alantra has supported Aspen Pumps (“Aspen” or “the Business”), a global leader in condensate removal pumps and HVAC/R installation accessories, on its sale into a Multi-Asset Continuation Vehicle (CV) comprising four Inflexion portfolio companies. This marks Inflexion’s first-ever continuation vehicle and the largest multi-asset CV completed to date in Europe.

Founded in 1992 by three engineers responding to unmet needs in the air conditioning industry, Aspen has grown into a global market leader. From its origins with the original Aspen Peristaltic Pump, the company now offers a comprehensive range of HVAC/R pumps, accessories, and rooftop support systems. With operations across France, Germany, Australia, the US, and the UK, Aspen today supplies over 100 countries through a global network of distributors.

Malcolm Coffin, Partner, Head of Enterprise at Inflexion, said: “The Alantra team has supported Aspen in many aspects over the years, particularly with the delivery of our acquisition strategy which has been pivotal to our development as a global, integrated player in the broader HVAC market. Alantra has helped us on transactions in North America, Europe, the Far East and Australia and always delivered a first class service that we could rely on. This support has been critical in attracting the support we have in the investment community”

Andy Currie responded: “We’re proud to have supported Aspen Pumps and Inflexion on this landmark transaction. It marks another important chapter in a partnership built across multiple key moments, and underscores the value of consistent, strategic support in helping ambitious businesses achieve global scale.”

Alastair Horrocks, Managing Director at Alantra, added: “This is another landmark deal for our industrials practice which reflects the true worth of deep sector expertise, coupled with intimate knowledge of our clients’ businesses in delivering long term value for them”

This transaction reflects Alantra’s long-standing relationship with Aspen and Inflexion, built over multiple strategic milestones. Alantra previously advised the shareholders of Aspen Pumps on its £105mn sale to 3i Group in a secondary management buy-out, later supported Inflexion in buying back the business, and advised on a series of acquisitions to accelerate international growth – including the high-profile acquisition of Malco Tools, a U.S.-based tools manufacturer for the HVAC and building construction industries, in October 2024. These transactions, together with this latest sale into Europe’s largest multi-asset continuation vehicle, are strong examples of the enduring, high-impact relationships Alantra fosters with clients as they scale from national players to global leaders.