Better Capital has the acquisition of the entire issued share capital of CAV Aerospace Limited from an overseas holding company.
CAV is a specialist aerospace manufacturing business, which supplies complex metallic components and sub-assemblies to several major original equipment manufacturers including Airbus, Embraer and Gulfstream. The company operates from seven sites – four in the UK, two in Poland and one in Mexico. CAV operates in the same sector as the 2009 Fund’s investment in Gardner Aerospace but, for the moment, they say these two investments will be run independently from each other as they are owned by different funds (BCAP and BC12) and they are run by separate teams.
The price for the deal, which includes money set aside to fund working capital and to invest in growing the business, is £40m. they say there may be future opportunities to grow the company through bolt-on acquisitions. The business had revenue of £74m in 2013 and broke even, more or less, over that year.
After this deal BC12 still has £48m in cash.
BC12 : Better Capital buys CAV Aerospace