Engineer bought for undisclosed sum
Motherwell components firm sold to Blackstone
Motherwell engine components firm MB Aerospace has been acquired by US private equity company Blackstone from Arlington Capital Partners. The value of the deal was not disclosed.
MB provides machined and fabricated assemblies from its plants in the UK, US and Poland to a number of key customers including Boeing, General Electric, Pratt & Whitney and Rolls-Royce. The Company also operates a repair business.
Following completion of the deal the management team led by Craig Gallagher (pictured), chief executive since 2003, will remain in place.
The transaction is expected to close later this year and is subject to customary regulatory approvals.
Mr Gallagher led a management buyout of MB Aerospace from Motherwell Bridge in 2007 and a secondary buyout in 2012. About 70% of MB’s business is centred on the US.
Bruce McEvoy, managing director at Blackstone, said: “We are thrilled to have the opportunity to partner with such a high quality management team.
“MB Aerospace is a best-in-class engine component manufacturing and repair platform, and we look forward to supporting the company as it continues to expand its capabilities during its next phase of growth.”
Mr Gallagher added: “This significant investment from Blackstone is very positive news for MB Aerospace as a company, for our staff and for our customers. It provides us with a huge opportunity to invest in our people and to continue to grow both organically and through acquisition both in the US and in Europe.”
Blackstone was advised by Simpson Thacher & Bartlett Arlington was advised by Moelis and Company and Kirkland & Ellis.