Baird acquires aircraft components company CAV

Kenny Wastell
05 June 2017

Tweet
Facebook
LinkedIn
Google plus
Send to

Baird Capital has acquired a majority stake in CAV Ice Protection and CAV Advanced Technologies (CAV), a UK-based supplier of ice protection and drag reduction systems for the aviation and aerospace industries.

The deal values CAV at more than £30m, unquote" understands.

Under its new ownership structure, the company will invest in product development. In addition to opportunities in its existing core markets, the business will also consider expansion into the Chinese aviation sector and the unmanned aviation space.

A source close to the situation told unquote" the business has also identified a number of aviation-related technology and safety businesses as potential bolt-on acquisitions.

Baird partners James Benfield and Dennis Hall will take a seat on the CAV board as part of the deal.

The deal is the second investment to be made from the GP's Global Fund, which had reportedly raised $300m as of April 2017.

Debt
A source close to the situation told unquote" that Muzinich is acting as lead debt arranger in the deal.

Company
Headquartered in Consett, County Durham, CAV provides ice protection and drag reduction systems for the aviation, aerospace and defence markets. According to publicly available documents, the company's ice protection division generated a turnover of £10m in 2015, with an operating profit of £4.6m.

People
Baird Capital – James Benfield, Dennis Hall (partners).
CAV Ice Protection, CAV Advanced Technologies – Owen McFarlane (CEO).

Advisers
Vendor – PwC (financial due diligence, tax); Muckle (legal).