A company that manufactures and supplies pumps and condensers for the air conditioning industry in more than 50 countries has been bought by its management. Aspen Pumps & BBJ Engineering was acquired for an undisclosed sum.

The deal was backed by mid-market investor Inflexion Private Equity, which now holds a majority shareholding in the company. Funding was also provided by the management team with debt supplied by Lloyds TSB Corporate Markets.

The deal was introduced to Inflexion, which had Christian Hamilton, Charles Thompson and Simon Turner leading its team, by BDO Stoy Hayward. Under the terms of the funding agreement, Hamilton and Thompson have joined Aspen’s board.

Following the completion of the buy-out, Aspen’s management has been strengthened with the addition of Adrian Thompson and Ian Stuart, who have a combined 50 years experience in the building materials industry. Thompson is a former managing director of Greenwood Air Management with new chairman Stuart previously chief executive of Haywood Williams plc.

Aspen, which is based in Hailsham, East Sussex, has been supplying its products since 1992. In the 12 months to the end of December 2005, the company reported an operating profit of some £2.2 million.