A Consett-headquartered manufacturer of precision machined parts to the aerospace industry looks set to be acquired in a deal which gives the business an enterprise value of £44m.
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.
It was bought by Better Capital in March 2015 before it restructured and rebranded from CAV Aerospace.
C Bidco, a subsidiary to Better Capital's BECAP12 Fund, has now entered into a conditional agreement with Gardner Aerospace Holdings in Derby – itself a subsidiary of Shaanxi Ligeance Mineral Resources Co in China – for the sale of the entire issued share capital of Northern Aerospace.