Aerospace firm agreed to be sold for £44m
The partner of Better Capital PCC 2012 Cell – known as BECAP12 fund LP – informed Better Capital that its subsidiary C Bidco Ltd will sell Northern Aerospace to Gardner, which is a wholly-owned subsidiary of Shaanxi Ligeance Mineral Resources Co Ltd.
The deal remains subject to conditions and approvals being met within 40 days of the “next phase” of the agreement – which is “imminent” – the company added.
Should Gardner fail to complete the transaction, a £3m break fee will be payable to Northern.
In June 2017, Shaanxi acquired Gardner from fellow Better Capital fund Better Capital PCC 2009 Cell Ltd, also known as BECAP Fund LP.
Northern Aerospace employs a workforce of 600 across offices in the UK – Consett, Chester, Leicester and Llantrisant – and Poland. Its clients include Airbus, Boeing and Gulfstream.
The firm was bought by Better Capital in March 2015 before it restructured and rebranded from CAV Aerospace.