Nuaire, a manufacturer of domestic, commercial and industrial fans, has been bought by its management for the second time in three years.

The Caerphilly-based company has been sold to a team led by chief executive Alan Wright for an undisclosed sum.

The deal was funded by Wright’s team with a £34 million investment by Electra Partners LLP, part of Electra Private Equity. Additional funding was provided by Bank of Ireland and The Royal Bank of Scotland.

Electra and the buy-out team hold all the shares in the company, but a spokesperson for the private equity firm declined to confirm who is the majority shareholder. Post-completion, Electra’s Tim Syder and Charles Elkington have joined Nuarie’s board as non executives.

The company was sold by ECI Partners, which backed the original buy-out in 2004 with a £38 million investment.

Nuaire has been designing and manufacturing ventilation products since 1963. It has an annual turnover exceeding £40 million and employs 350 people around the world.

Electra Partners, which has £800 million under management, has invested more than £3 billion in the past 15 years.