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N4 exits DBS to Stellex Capital Management

N4 exits DBS to Stellex Capital Management

Glasgow, Wednesday, 8 March 2023

N4 Partners is pleased to announce the sale of global gear systems specialist, David Brown Santasalo (DBS), to Stellex Capital Management LLC, (‘Stellex”), a private equity firm focused on investments in North America and Europe, for an undisclosed sum.

David Brown Santasalo is a global business delivering engineered industrial gear systems and services, manufactured for critical industrial applications including Mining & Minerals, Fibre & Paper, Power Generation, Cement, Oil & Gas, Defence and many more. The organisation has 26 locations, spanning six continents worldwide and employs more than 1,100 people.

It has a world-renowned brand and can trace its roots back to the 1860s when it commenced cast gear manufacturing. Today the business provides systems and services to over 6,000 customers worldwide.

Keith Mitchell, David Brown Santasalo Chairman and Partner at N4 commented: “N4 is pleased to announce the successful exit of DBS to Stellex. We have valued our strong working relationship with the DBS management team and have been delighted to see the business deliver profitable growth in recent years. On the back of multi-year contract awards and strong growth in the order book across all business units, a transformational investment programme has been completed which has significantly upgraded key capabilities across the business’ global footprint. DBS has a fantastic platform to deliver further strong growth and we wish the business and its new owners every success.”

David Armitt, Chief Executive Officer at David Brown Santasalo said: “On behalf of David Brown Santasalo, we are very pleased to have secured this investment by Stellex. They have experience investing in our sectors, have spent time working with us on our plans, and clearly see the potential of DBS to further develop our services for customers. I look forward to this new chapter in which we can continue to strengthen our position in the market.”


Karthik Achar, Partner at Stellex Capital Management added: “We are excited to welcome David Brown Santasalo into the Stellex portfolio of investments. DBS brings global delivery of gear manufacturing and service expertise within a broad range of critical service sectors, and with many long-term relationships. We look forward to working with the management team and its employees as we strive to deliver growth and build on the company’s successes into the future.”






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Tom Sutton

14:46 Consulting 

+44 (0)7796474940