Primary exits Napier Turbochargers

US-listed trade buyer Wabtec Corporation takes on historic British engineering firm.

Primary has sold Napier Turbochargers to New York Stock Exchange-listed Wabtec Corporation, raking in a return of more than 5x investment cost.

Napier has an illustrious history, producing its first car in 1900, before focusing on turbochargers in 1947. Primary acquired the company, which has a turnover of £35m (€40.3m) and more than 150 employees, from Siemens Industrial Turbomachinery in 2008. Wabtec noted the company's large installed base, recurring after-market revenue streams and global presence as motivations for doing the deal. 

Primary, whose previous investments include YO! Sushi, Paperchase and Coffee Nation, most recently backed the MBO of Leisure Pass last May.