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Burnley aerospace firm in second buyout deal
A MAJOR aerospace employer – with a division in Burnley – has announced a second management buyout which should lead to a further expansion.
Bosses at MB Aerospace, which has a 30-strong operation in Widow Hill Road, have welcomed Washington DC investors Arlington Capital Partners on board.
Six years ago MB chief executive Craig Gallagher led a management buyout, with assistance from private equity outfit LDC, from former owners Motherwell Bridge.
He will remain in charge of the new firm which is already formulating plans to acquire takeover targets in the US.
Mr Gallagher said: “This landmark deal represents a great vote of confidence in our UK and US employees and operations, as well as providing the group with significant opportunities for further expansion in the months and years ahead.”“They already have extensive aerospace and defence experience and, as well as providing funding for future deals, their specialised global track record in our sector will be invaluable as we seek to expand further.”
Last June, MB moved in to take over Somerset’s Thomson Aero Ltd and Gentz Aero, in Detroit.
The firm has key deals with the likes of Pratt & Whitney, Rolls Royce, General Electric, Boeing, United Technologies and Mitsubishi Heavy Industries.
Motherwell Bridge bought out the old Lucas Aerospace holdings in the mid-1990s.
MB has enjoyed ‘gold supplier’ status with aircraft giant Boeing for a number of years.