Management buy-out for Barnstaple manufacturer
Aero Stanrew at Roundswell bought out by management team in �8.5 million deal.
A BARNSTAPLE aerospace electronics company has pledged its future to the town following a management buy-out.
A management team of four led by managing director Clive Scott, acquired a majority stake in the company with the �8.5 million deal on Wednesday, with the aim of expanding the business and pursuing new overseas markets.
The buy-out was backed by WestBridge Fund Managers, part of WestBridge Capital and advised by Momentum Corporate Finance.
A total of 151 employees work at the company’s Roundswell base, designing and manufacturing specialist components for the aerospace industry, supplying customers such as Rolls Royce, GE, Goodrich and Thales.
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The management team of Clive Scott, Chris Evans, Owen Rolfe and Peter Vaughan have a combined service with the company of more than 40 years. A member of WestBridge Capital’s co-investment club, Phil Crawford-Smith, will take on the mantle of independent chairman of Aero Stanrew.
“Although Aero Stanrew is already in a very strong position with a strong order book and recession resistant business model, this deal provides us with the opportunity to pursue ambitious plans for further growth,” said Mr Scott.
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“We are particularly pleased to have backing from WestBridge Capital because the team there already has a proven track record in our sector and have a refreshing approach to investment.”
Technical director Mr Vaughan told the Gazette: “We intend to stay in Barnstaple and consolidate our position.
“The main stability of our company and the ability to grow has been down to the conscientious local workforce we have here.”