MB Aerospace Management Team Completes MBO
“Due to the performance of MB Aerospace and MB Faber, MB Aerospace Holdings Ltd has the advantage of already having a solid reputation with some of the leading players such as Boeing, Airbus and Rolls-Royce plc and we will look to build on this.”
In November 2006 MB Aerospace became the first company in the UK to receive gold supplier status from Boeing and recently secured a $15 million contract with the leading aerospace company.
News of the Boeing contract followed a £25m order to supply chain manage and manufacture a range of aftermarket aero-engine ring components for Rolls-Royce plc.
Craig Gallagher said: “Lloyds TSB Development Capital and The Royal Bank of Scotland have invested a significant sum between them which demonstrates their belief in the business and the MBO team.”
John Swarbrick, senior director at Lloyds TSB Development Capital, added: “MB Aerospace Holdings has exceptionally strong relationships with the leading names in the aerospace industry.
“We’re backing an experienced and motivated management team which has the expertise to further enhance these relationships and deliver significant growth in the business.
“Going forward we’ll be working closely with the team to ensure the company is well placed to capitalise on a market which is growing strongly.”
Commenting on the deal, Kenny Stewart, Managing Director, Corporate & Structured Finance for The Royal Bank of Scotland in Scotland said: “We have a long-standing relationship with Craig and the management team and have been aware of their strategy for the company for some time.
“Therefore we have been able to structure our debt funding to meet exactly their requirements, working closely with Lloyds TSB Development Capital to ensure a smooth transaction which leaves the companies in a strong position to take advantage of the business opportunities that exist in their marketplace.”