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 and Covid-19, we foresee attractive investment opportunities in businesses which benefit from geographic and end-market diversification, as well from being aligned with current trends such as automation, increasing regulation and a drive towards renewable energy sources.
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 the USA; and Beck & Pollitzer, an installer of industrial machinery with an increasing presence in Continental Europe and the USA.