Sun European Partners in Manoir Aerospace trade sale

The acquisition extends Lisi's product range and industrial expertise.

Under Sun's stewardship, Manoir focused on the improvement of manufacturing efficiency, working capital management and centralised purchasing. The company also invested in new equipment within the aerospace division.

In March 2013, the company sold its petrochemical & specialities division to Chinese Yantai Taihai industrial group. Proceeds were used to deleverage the aerospace division.

The deal is the fifth completed by Sun's leveraged buyout funds this year, having signed eight exits and two IPOs in 2013. Last week, the GP sold underwear designer GBApparel to HanesBrands for an enterprise value of €400m, equal to 7.5x EBITDA.

Mid-market investment bank Lincoln International acted as financial adviser to Sun.

Previous funding
Sun acquired Manoir in 2007 via the Sun Capital Partners IV vehicle in a secondary buyout that saw turnaround specialist Fin'Active exit the firm. The deal originated through an auction process, according to unquote" data. 

Fin'Active bought the asset from Fonds Partenaires in 2005, in a deal valued in the region of €50-100m, according to unquote" data. Prior to that, the asset was held by Apax France, which bought the company in a deal that gave the firm an enterprise value of €183m, including debt provided by Deutsche Bank.

In 1997, Equistone, HarbourVest Partners and Montagu Private Equity bought the company for €90.92m, with debt provided by CIC Finance.

Company
Manoir supplies complex, flight-critical forged and precision machined aerostructure and aeroengine components. The company reported revenues of €164m in 2013, with a headcount of around 1,100 employees across sites in France, Belgium and Mexico. The firm was founded in 1917 and is headquartered in Paris. 

People
Lionel de Posson is the vice president of Sun.

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