Watermill Sells CTB to Waterland PE
Private equity firm Watermill Group announced the sale of Cooper Turner Beck (CTB) to Waterland Private Equity. This sponsor-to-sponsor transaction follows a period where CTB reportedly achieved significant market share gains and high profitability.
Watermill Group's investment journey with the firm began in August 2017 with the cross-border acquisition of Cooper & Turner, a UK-based manufacturer of industrial fasteners. The stated goal at the time was to support its growth in sectors like wind energy and railways to create the world's first truly global supplier of mission-critical fasteners. A key strategic move under Watermill's ownership was the 2019 combination with Beck Industries, a French manufacturer of high-security bolting components. This merger significantly expanded the company's operational footprint, product portfolio, and manufacturing capabilities, creating a combined entity with 17 facilities across Europe, North America, and Asia. The "buy and build" strategy proved effective. During Watermill's holding period, the newly formed Cooper Turner Beck (CTB) expanded from three to eight countries, grew to 21 facilities worldwide, and more than doubled its workforce. This growth solidified its position as a top supplier of safety-critical fastening systems, particularly for the global energy industry. The company's performance attracted significant buyer interest, with CTB achieving record order books and revenues of £170 million in its last financial year. The acquirer, Waterland Private Equity, is a European firm specializing in scaling industrial businesses, indicating a strategy focused on continued international expansion and potential further M&A.
