Foresight Group has invested 3.5 million pounds ($5.3 million) in the buy-in management buyout of Aerospace Tooling. ATL is a precision engineering company, with a niche specialism in the remanufacturing of aerospace and industrial gas turbine components.
Foresight Group (Foresight) is delighted to announce on behalf of the boards of Foresight VCT plc, Foresight 3 VCT plc and Foresight 4 VCT plc that it has invested £3.5 million in the Buy-in Management Buy Out (“BIMBO”) of Aerospace Tooling Limited (“ATL”).
ATL is a precision engineering company, with a niche specialism in the remanufacturing of high value aerospace and industrial gas turbine components. In 2012 the company was awarded the coveted Best Repair Supplier in the World from a leading aero engine manufacturer.
The transaction, which is a combination of debt and equity, gives Foresight a majority shareholding in the company.
ATL was founded in 2007 by current CEO, John Seaton, who, following the transaction, will take on the role of Executive Chairman, with John Green, currently General Manager of the Dundee facility, becoming Operations Director.
The new management team will be boosted by the arrival of Fraser Clarkson as Finance Director and Ben Blackwall as Business Development Director.
Clarkson brings more than 30 years financial and commercial management experience including particular recent experience in initiating, managing and executing growth plans for owner managed businesses.
Blackwall has more than 18 years experience in high-technology engineering industries, having worked at Rolls Royce and AEA Technology. More recently he grew the international revenue streams at Altran UK and has been acting as both Business Manager for the Aerospace and Defence Sector and Head of Sales Practice for Intelligent Systems Division.
Darrel Connell, Senior Investment Manager at Foresight commented “We are looking forward to working with John and the new management team at ATL, accelerating the growth of this dynamic business which has proved its resilience in recent challenging market conditions. This transaction continues to build the deal flow momentum at Foresight which in the past 5 years has seen more than £96m released for the benefit of investors from 21 investments at an average of 3.7x cash multiple.”
John Seaton of ATL added : “I am delighted that the team at Foresight shares our passion and enthusiasm for the products and services we provide and for the sector we serve. In Foresight I am confident that we have found the right partner and we have the right structure in place to deliver the future growth plans for our business. We look forward to a profitable partnership.”
For further information, please contact:
Ben Thompson: email@example.com / 01732 471855
Notes to editors:
Foresight Group has been managing investment funds on behalf of institutions and retail clients for almost 30 years. With a background in Private Equity and Venture Capital, Foresight has diversified activities and today manages institutional funds principally in European Infrastructure (Solar and PPP), Environmental and UK small cap Private Equity, including six years of specific Infrastructure experience.
Foresight has in excess of £750 million Assets Under Management across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs).
Foresight’s Private Equity team, comprised of ten investment professionals, invests between £1m and £5m in management buy-outs, management buy-ins and growth capital investments in UK SMEs.
Foresight manages the most successful VCT ever*, Foresight VCT, which has returned approximately £1.80 in dividends to its investors since launch in 1997.
*source: Martin Churchill Tax Efficient Review
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