David Brown sold in billion dollar deal

Nov 18 2008 by Henryk Zientek, Huddersfield Daily Examiner

The deal, which Mr McColl said “took a bit of time” to put together, was partly funded by four major banks – Bank of Scotland, Barclays, HSBC and Royal Bank of Scotland.

Additional funding came from Clyde Blowers Capital Fund ll, a private equity fund set up by Clyde Blowers to provide finance for this deal and future acquisitions. SCF Partners, a Houston-based private equity outfit, also provided equity for the deal.

Following the deal, three of the four companies bought by Clyde Blowers – David Brown Gears, Maag Pumps and David Brown Hydraulics – will be separate companies within the Clyde Blowers group, each with its own management structure.

Union Pumps will merge with Clyde Pumps, formed by Mr McColl after his purchase of Weir Pumps from Glasgow-based Weir Group in May 2007.

Mr McColl, 55, started as a 16-year- old apprentice at Weir Pumps.

Clyde Blowers was formed in 1924, specialising in cleaning out railway engine boilers.