BGF exits Acro in £55m trade sale to ZTC

The Chinese buyer, a manufacturer of seats for construction vehicles, trucks and cars, will wholly acquire the company via the transaction. The move will see Acro gain a foothold in the Chinese market.

Under the vendor's tenure, Acro invested in new product development, with BGF's injection also funding the company's order pipeline. Acro has increased its headcount by 50% since BGF first invested two years ago, while revenues have grown by 20%, according to a statement issued by the vendor.

The transaction is subject to regulatory approval.

Previous funding
BGF invested £7.8m in Acro in exchange for a minority stake in November 2015.

Company
Founded in 2007 and headquartered in Crawley, West Sussex, Acro is an aircraft seat manufacturer. It generates a turnover of £30m.

People
BGF – Ben Kirby (investor); Mark Bryant (head of manufacturing).
Acro Aircraft Seating – Chris Brady (co-founder, CEO).

Advisers
Acquirer – Dentons (legal); Turquoise International (corporate finance); PwC (financial due diligence).
Company – Stevens & Bolton (legal); Grant Thornton (tax).

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• Topics
• Exits
• UK / Ireland
• Industrials
• United Kingdom
• BGF (Business Growth Fund)
• Trade sale