Better Capital acquires Gardner Group

3rd February 2010

Gardner Aerospace today announces that Better Capital, a newly formed investment fund, has acquired the Group.

Nick Sanders, a consultant to the Better Capital fund and former Vice President Operations of Lucas Aerospace will join the Gardner board as Non – Executive Chairman. 

Commenting on the acquisition he said “Gardner Aerospace is a well established and highly respected supplier to the aerospace primes.  It is well positioned to take advantage of growth opportunities in the sector and the investment by Better Capital will enable the business to invest in new product lines and to up-grade existing facilities.”

Patrick Grady, Chief Executive Officer, Gardner, commented, “We are delighted to have secured Better Capital’s investment in Gardner, which provides us with a solid financial base to exploit future opportunities and deliver our growth plans. Gardner’s performance, reputation, technical skills and low cost production capabilities are now delivering enhanced and sustainable benefits to Gardner’s strategic customers. Better Capital’s investment in Gardner ensures the continued delivery of this offering.”

The business was acquired from The Carlyle Group who were supportive of the Better Capital plan to develop the business.

Key advisors on the deal were Vantis, Olswang & BDO.

The terms of the deal are not disclosed.

Gardner is the UK’s largest independently owned supplier of metallic aerospace details and sub-assemblies, and is one of the largest in Europe. Gardner is headquartered in Ilkeston, Derbyshire, UK and has five manufacturing sites in the UK and one in Poland. Gardner’s customers include Airbus, Rolls-Royce, GKN, BAe Systems and other major international companies in the aviation sector. Gardner also provides aerospace component repair services; fast turnaround ‘late definition’ services; and manufactures transmission components for truck gearboxes.

Enquiries:

 

Gardner Group Limited                                                           +44 (0) [1282 417616]                      
Judith Sheehan
Executive Assistant