Better Capital acquires Carlyle's Gardner in £20m deal

Better Capital, the investment vehicle launched by Jon Moulton last year, has invested in its first deal, reportedly acquiring aerospace components supplier Gardner Group in a £20m deal from The Carlyle Group.

The firm is understood to have invested £15m in the company to pay down its debt and fund future growth, as the business has experienced major declines in demand for its business jet and truck transmission products since the beginning of last year.

Nuneaton-based Gardner supplies metallic aerostructure details, equipment and engine components to the global aviation industry. The company had annual sales of £66.2m in the year to August 2008.

Moulton established Better Capital last year after he left Alchemy Partners, the firm he founded, in September.