Better Capital to sell interest in Gardner Aerospace for £326 million
Better Capital PCC announced that the 2009 Fund has entered into exclusive discussions with Shaanxi Ligeance Mineral Resources Co. Limited (“SLMR”) for the sale of its interest in Gardner Aerospace Holdings Limited (“Gardner”).
The purchase price offered by SLMR of £326 million on an Enterprise Value basis reflects the business’s continued strong performance.
The proposed transaction remains subject to certain legal and other conditions and to regulatory and other approvals and will be presented to Gardner’s works council in France imminently, as is required under French law.
SLMR is a company headquartered in China and listed on the Shenzhen Stock Exchange. It is the ultimate parent company of a group whose current main activity is mineral exploration and production, but whose interests include a growing aerospace machining and component manufacture division.
About Gardner Aerospace Holdings
Gardner Aerospace is one of Europe’s largest independent manufacturers of metallic aerospace detailed parts. Gardner machines, fabricates and treats small to large and simple to complex detailed parts in soft, hard and exotic metals. It also provides kits, sub assemblies, major assemblies, and repair services. It has a complete range of engineering tools, management processes and quality approvals to support these capabilities. Gardner Aerospace is a Management buy-out backed by Better Capital PPC Limited.
Source: Better Capital Press Release