Michelmores advises on aerospace MBO

Sky's the limit for Barnstaple based Aero Stanrew.

The Business Group at Michelmores has advised the management team at Barnstaple based Aero Stanrew on its recent Management-Buy-Out.

Aero Stanrew is one of the UK's leading designers and manufacturers of specialist electronic components for the global aerospace industry and will now look to exploit emerging overseas markets to increase sales and profits at the company.

A four-strong management team, led by managing director Clive Scott, acquired a majority stake in the company following the £8.5 million MBO which was backed by WestBridge Fund Managers (WestBridge Capital) and advised by Momentum Corporate Finance.

With a workforce of 172, Aero Stanrew supplies complex electromagnetic modules and electronic systems to blue chip customers including Rolls Royce, GE, Goodrich and Thales from its headquarters in Barnstaple, Devon, and manufacturing site in Tunisia.

Clive Scott and his team - Chris Evans, Owen Rolfe and Peter Vaughan - mounted the buyout after being with the company for a combined total of forty years.  Scott said:

"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.

"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.

"They have a network of industrial investors who deliver practical, hands-on advice and guidance that is borne out of experience.  It's truly an added-value service that provides much more than just money."

"I am particularly grateful to Richard Cobb and his expert team for the role they have played in representing the interests of the management team throughout the process. Whilst the MBO process is complex, Michelmores has provided clear guidance and advice and ensured that we have been able to deal with the process in an effective manner."
 
Michelmores partner Richard Cobb added: "This is a highly successful business with an accomplished and knowledgeable management team who have a clear vision for the future.  We were delighted to provide specialist legal service to the MBO team."

The Michelmores team comprised Annelie Carver and Emily Timmins from Corporate, Anna Thompson from Banking, Crispin Carpenter from Property and James Baker from Employment.

For more information please contact richard.cobb@michelmores.com or telephone 01392 688688