Aerospace Composite Technologies
Aerospace Composite Technologies was formed to acquire the Engineering & Heating Systems Business of Lucas Aerospace a division of Lucas Industries.
Aerospace Composite Technologies was formed to acquire the
Engineering & Heating Systems Business of Lucas Aerospace a
division of Lucas Industries. The transaction, which involved £10.9
million of funding, was co-led by Bridgepoint (then NatWest
Ventures) and Montagu.
Lucas decided that the best method for the disposal was in the
form of a controlled auction. Montagu and Bridgepoint were able to
go through into the final bidding round at which point the
management became involved in the transaction. As a result, six of
the senior managers subscribed for equity in the new company,
renamed Aerospace Composite Technologies Limited ("ACT").
ACT had been in existence for over 50 years ago and had a strong
heritage of technical excellence and quality. Under Lucas, it was
operating as an independent entity and was able to maintain a
distinct identity with its customers. The business produce three
distinct product ranges: aircraft transparencies, ice protection
equipment and electro luminescent lighting. These products were
sold to a common customer base in all sectors of the aerospace
market. In addition to original equipment supply, the business had
substantial income from the sale of spares and refurbishment. The
most significant element of sales as aircraft transparencies which
had been manufactured for over thirty years. These were used for
civil and military aircraft cockpits.
The management team was led by Phil Barrington who became the
managing director of ACT. He was pleased to be given the
opportunity to participate in the acquisition and with his team was
able to put a buyout plan together which formed the basis for the
sanctioning of finance. Management retain a minority share.
The transaction was unusual in the sense that the parent company
was not willing to give the management an opportunity to compete
with the trade buyers. However, Lucas proved flexible once they
realised the seriousness and intent of purpose of the private
equity investors and ultimately were supportive in bringing the
management and the investors together to effect completion.
Aerospace Composite Technologies was formed to acquire the
Engineering & Heating Systems Business of Lucas Aerospace a
division of Lucas Industries. The transaction, which involved £10.9
million of funding, was co-led by Bridgepoint (then NatWest
Ventures) and Montagu.
Lucas decided that the best method for the disposal was in the form
of a controlled auction. Montagu and Bridgepoint were able to go
through into the final bidding round at which point the management
became involved in the transaction. As a result, six of the senior
managers subscribed for equity in the new company, renamed
Aerospace Composite Technologies Limited ("ACT").
ACT had been in existence for over 50 years ago and had a strong
heritage of technical excellence and quality. Under Lucas, it was
operating as an independent entity and was able to maintain a
distinct identity with its customers. The business produce three
distinct product ranges: aircraft transparencies, ice protection
equipment and electro luminescent lighting. These products were
sold to a common customer base in all sectors of the aerospace
market. In addition to original equipment supply, the business had
substantial income from the sale of spares and refurbishment. The
most significant element of sales as aircraft transparencies which
had been manufactured for over thirty years. These were used for
civil and military aircraft cockpits.
The management team was led by Phil Barrington who became the
managing director of ACT. He was pleased to be given the
opportunity to participate in the acquisition and with his team was
able to put a buyout plan together which formed the basis for the
sanctioning of finance. Management retain a minority share.
The transaction was unusual in the sense that the parent company
was not willing to give the management an opportunity to compete
with the trade buyers. However, Lucas proved flexible once they
realised the seriousness and intent of purpose of the private
equity investors and ultimately were supportive in bringing the
management and the investors together to effect completion.
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