We have been particularly active in the engineering, energy, automotive and building products sectors. We have invested in many manufacturing businesses, but also in companies providing industrial services. Many of our most successful investments have been buy-outs from larger groups or from founder entrepreneurs. Under our ownership, we have brought greater management focus and a more active strategic approach to these businesses. In spite of the economic uncertainty associated with Brexit, we foresee attractive investment opportunities in businesses which will benefit from the changing competitive environment and international expansion potential.
We have made high returns from a wide range of industrial businesses. Successful realisations include Denison (which returned 12.3x cost), LS Group (6.1x), Salt Union (5.2x), Applied Energy (3.5x), Tesla (2.7x) and Dominion Gas (2.3x). We are currently invested in three companies growing rapidly overseas: UPOL, a manufacturer of automotive refinishing products active in over 100 countries; ICR, an energy services business expanding in the Middle East; and Beck & Pollitzer, an installer of industrial machinery growing rapidly in Continental Europe and expanding into the USA.