Private equity firm The Watermill Group has acquired a majority stake in Cooper & Turner, a U.K.-based manufacturer of industrial fastener systems. The investment will allow the target to pursue new products, services and market opportunities.
Cooper & Turner was founded in the 1800s as a gun barrel maker. Today, the Sheffield, England-based target manufactures large bolts, studs, anchors, nuts and washers for the wind, railway, tunneling, oil and gas, and structural bolting industries. The target has manufacturing and distribution operations across the U.S., European Union, and China. Watermill sees an opportunity to build Cooper & Turner, particularly in wind energy which is expected to grow by five percent annually through 2020, according to the buyer. Cooper & Turner's senior management, which includes CEO Tony Brown and head of group production David Brown, will retain a stake in the business. Financial terms of the deal were not disclosed.