3i backed Insensys is acquired by Moog following 6 years of impressive growth

3i, a leading private equity firm, announces that it has sold its minority stake in Insensys Ltd, provider of unique fibre optic load measurement technology to the Wind Energy and Aerospace markets, to Moog Inc. (NYSE: MOG.A and MOG.B), in an acquisition which values Insensys at £16m.

Insensys is a leading supplier of fibre optic systems used in pitch control and rotor blade monitoring systems for wind turbines. These systems adjust the angle of blades to control load and improve the efficiency of the turbine. Precise control and monitoring extends the turbine’s life, improves safety and reduces maintenance costs. The company reported 2008 revenues of £5.2 million.

This successful sale demonstrates impressive growth of Insensys over the last 6 years and generates a strong return on 3i’s investment over the period. 3i initially invested in Insensys in 2003, providing capital funding, enabling a merger with Indigo Photonics, and taking an active role on the board to drive forward ambitious growth plans.

“We are particularly pleased to be joining forces with Moog - the technical synergies are very strong.  In addition, Moog will enable us to significantly increase our global footprint and give us the platform to expand our presence in our key markets, namely the USA and Far East,” said Martin Jones, co-Founder and Chairman of Insensys.

Matthew Mead, 3i Partner, on the Insensys board, added: “We are delighted to have invested and supported the rapid growth of this innovative cleantech business.  Insensys has grown strongly over the last three years and is now a major supplier to the wind turbine sector. We and the other shareholders see its acquisition by Moog as a great platform to take the business into its next phase of development.”

Steve Huckvale, President of Moog’s International Group added: The acquisition of Insensys strengthens our technology product portfolio, domain expertise and relationships with customers in the alternative energy sector.”  He continued: “The use of real-time data improves turbine performance and lower a wind turbine’s total cost of ownership. Fibre-optic sensing systems from Insensys add advanced measurement capabilities and data intelligence that will be a differentiator for turbine manufacturers, blade manufacturers and wind park operators.”