UK private equity firm Clyde Blowers has completed acquisition of wind turbine gear manufacturer Moventas Wind and industrial gear producer Moventas Santasalo from the bankrupt estate of Moventas Oy, for an undisclosed price.
Clyde Blowers signed the share purchase agreement in November last year and the relevant competition authorities, creditor bodies and the local district court have now granted approval for the transaction.
Jukka Jäämaa, president and CEO of the Moventas companies, said, 'The closing took slightly longer than originally expected, but we are pleased that we can now turn our focus on development of Moventas with our new owner. Our future outlook is promising.'
Jim McColl, chairman and chief executive of Clyde Blowers, added, 'We are delighted to have completed this acquisition and can now start to build Moventas into a leading global gear systems supplier to the wind and other industrial markets. Moventas has vast untapped potential, extensive manufacturing and product capability to serve its markets, and a dedicated workforce who have remained loyal to the business during last year's uncertainty. We look forward to a very bright future and working closely with the team at Moventas to achieve our growth ambitions.'
Clyde Blowers recently closed a £420m fund, a NewNet profile of the company can be found here.