A team from Michelmores has advised the shareholders of Aero Stanrew on its £42m sale to TT Electronics plc – a UK stock market listed global provider of engineered electronics for performance critical applications.
Headquartered in Barnstaple, Aero Stanrew designs and manufactures ruggedized electromagnetic components and electronic systems for harsh environments and safety critical applications, primarily in the commercial aerospace and military markets.
Aero Stanrew underwent a Management Buy Out (MBO) in 2012 with support from Westbridge Capital and HSBC and this most recent deal represents a text book follow on transaction. The MBO features in the Michelmores MBO Guide and was regarded at the time by commentators as a “classic MBO” leading to the company and advisory team, led by Rob Crews at Momentum Corporate Finance receiving much praise from commentators.
Clive Scott, who led the MBO in 2012 and will stay on as chief executive officer at Aero Stanrew said:
“We have enjoyed working with the team at Michelmores since the MBO and were delighted to have their specialist advice again on this transformational deal for the business.”
The Aero Stanrew shareholders were advised by Michelmores on the deal, with additional support from Capital Law in Cardiff who advised Westbridge on the MBO. A London-based PWC team led by Head of Industrial Manufacturing Darren Jukes acted as lead corporate finance adviser with Momentum Corporate Finance advising the management team.
Richard Cobb, lead partner and Manufacturing Sector expert at Michelmores commented:
“The MBO on which we represented the management team in 2012 was described as a “classic MBO” and we are fortunate to have such an excellent team of clients and advisers to work with on this follow on transaction. We congratulate Clive and the team and wish them well on the next leg of the journey”.
