Just 12 months after being acquired by Zoltek, the US carbon fibre manufacturer, SP Systems (Newport, GB - Isle of Wight PO30 5WU) has been bought back by its management team, led by company founder and managing director, Paul Rudling. The deal is valued at GBP 50m and 25% of the finance has been put up by Close Brothers Private Equity.

SP Systems is a specialist manufacturer of epoxy composites and prepregs, originally established by Rudling, an international yachtsman, to sell to the marine trade. It remains a major player in composites for racing yachts, but now also supplies to low volume sports car producers and wind turbine manufacturers. Its factory is immediately adjacent to Aerolaminates, the Danish-owned supplier of wind turbine blades.

St Louis-based Zoltek bought SP Systems as part of a strategy to move downstream into intermediate composite materials. Other purchases, however, put a strain on its finances and threatened the growth potential of the UK company, which is set to reach sales of GBP 40m this year.

Confirming that a deal so soon after being bought was very unusual when a business had increased in value, Paul Rudling said he expected SP Systems to experience continuing strong growth. “We are very excited and enthusiastic about the future of the company and its technology,” he says, “and we are very pleased with this outcome.”