Arlington acquires Doncasters' forging business

The firm, which is based in the US, expects to use the forging business as a platform company. Arlington acquires companies with enterprise values of $50-500m and is currently investing from its $1.7bn Arlington Capital Partners V vehicle.

The firm expects to put fresh capital into the business and grow it through acquisitions. The company's managing director will stay on following the transaction.

Doncasters is a Wales-based manufacturer of aerospace rings and die products, and operates 15 facilities around the world. The company divested its fasteners group in 2018 and will make more divestments in 2019 and 2020 to pay off senior debt facilities as they fall due in 2020, according to the company's 2018 annual report.

Doncasters' distressed debt investors, including Carlyle Group, CVC Capital Partners and Brigade Capital Management, have engaged restructuring experts to split up the business, according to Unquote sister publication Mergermarket.

Company
The forging business is based in Blaenavon and manufactures forged rings and closed die products primarily for OEM and Tier-1 aerospace and defence engine customers.

Doncasters was founded in 1778 and employs 786 people, according to LinkedIn. It generated an underlying EBITDA of £41.5m from £459m in revenue for 2018.

People
Arlington Capital – Peter Manos (managing partner); Eric Son (vice-president).
Blaenavon forging business – Lee Smith (managing director).

Advisers
Vendor – Alantra (corporate finance).

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