Wescom Signal & Rescue sold to Albion River

An affiliate of Sun European Partners, has announced the sale of its portfolio company, Wescom Signal & Rescue, to Albion River, a private direct investment firm. Wescom is a company that manufactures marine pyrotechnics and defence products, according to a August 4 press release. 

Wescom was acquired by Sun European Partners in February 2020. At the time, Wescom was a corporate carve-out from the Drew Marine group. A corporate carve-out is a transaction where a larger company sells a portion of its business to a buyer, separating it into a new, standalone entity. According to Sun European, Wescom was a smaller, underinvested part of the Drew Marine conglomerate, and the acquisition was intended to help the company grow.

Over its period of ownership, Sun European stated that it focused on operational improvements and a strategy of mergers and acquisitions to expand the business. Alexander Wyndham, a managing director at Sun European Partners, said that these efforts have positioned Wescom for long-term success in both the marine and defence markets.

Ross Wilkinson, CEO of Wescom, also commented on the transaction, stating that the partnership with Sun European had been successful and that the company is now prepared for its next phase of growth under Albion River.

Financial terms of the deal were not disclosed. Sun European Partners was advised by DC Advisory, Millbank, EY, and Roland Berger.

The private equity cycle

The sale of Wescom Signal & Rescue to Albion River is what is referred to as an “exit.” In the world of private equity, an exit refers to the process by which a private equity firm sells its ownership stake in a company to realize a return on its investment. This is the final and crucial step in the investment cycle.

The private equity firm typically acquires a company, holds it for a number of years (often between three and seven), and during that time, it works to increase the company’s value through operational improvements, strategic initiatives, or acquisitions. The eventual sale of the company—the exit—allows the firm to “cash out” and distribute the profits to its investors.

Sun European Partners are understood to have dramatically increased the number of countries that Wescom Signal & Rescue was represented in, which now stands at 123, and managed a number of acquisitions to build the company’s capabilities. For instance, in 2022, Wescom acquired Marine Rescue Technologies (MRT), a UK-based manufacturer of personal locator beacons, and in 2025 it added BCB International, a Cardiff-based supplier of safety equipment for the defence, outdoor, and marine sectors to its portfolio.

This process may have increased the value of Wescom Signal & Rescue, enabling Sun European Partners to sell the company for a higher price than the initial acquisition, gaining a return on their investment. PE Hub, a news outlet focusing on private equity, states that Wescom tripled its EBITDA (a measure of profit before key deductions) during the five-year ownership period under Sun European, citing unnamed sources. It adds that the consumable nature of Wescom’s products was a major draw for the investor, as it generated a steady cashflow that could support a “buy and build” strategy.

Company profile: Wescom Signal & Rescue

Wescom Signal & Rescue is a manufacturer of pyrotechnic products and defence technologies, with a history spanning more than a century. The company operates manufacturing facilities across the UK, Germany, and Spain. It is a supplier to a number of military and governmental bodies, including the UK Ministry of Defence, the German Federal Ministry of Defence (BMVg), and other NATO and allied nations.

Wescom produces a broad portfolio of over 500 products, with an annual output exceeding three million units, according to its website. The company’s primary focus is on energetic materials and military pyrotechnics. Energetic materials are a class of substances that store and release large amounts of energy, such as explosives and propellants. Pyrotechnics are products that use chemical reactions to produce heat, light, gas, or sound, which are used in this case for signalling, illumination, and other defence applications.

Wescom’s offerings include:

• Chemical Warfare Agent (CWA) Detection: Wescom produces rapid detection kits for explosives and nerve agents, which are designed to identify known and emerging threats.
• Lighting Solutions: It provides specialist lighting for various uses, including temporary runway kits, emergency sites, and accident scenes.
• Obstacle clearance: Obstacle breaching solutions for expeditionary forces.

Calibre comment

Successful exits are an important part of the private equity cycle for defence. Many funds have invested in defence in anticipation of increasing defence budgets over the next decade. This capital is bringing many innovations and new capabilities that are filtering down through the entire defence ecosystem; there are more companies exhibiting at DSEI that are reliant on private capital, for instance. However, if it is seen as too difficult to secure government contracts and successfully exit, the appeal of the defence sector may wane, and less capital will be invested.

By Sam Cranny-Evans, published on 8 August, 2025.

Credit for the lead image is Cpl Danny Houghton/UK MOD © Crown copyright 2021. It shows a member of 1st Battalion Scots Guards preparing himself for a CBRN attack scenario on Ex SHADER TEMPEST.