Foresight backs Aerospace Tooling BIMBO

Greg Gille
15 July 2013

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Foresight has invested ТЃ3.5m in the buy-in management buyout (BIMBO) of Scottish precision engineering company Aerospace Tooling.

The investment – a combination of equity and debt – was done via the Foresight VCT, Foresight 3 VCT and Foresight 4 VCT vehicles. The GP secured a majority stake in the business.

Foresight typically invests between £1-5m in MBOs, MBIs and growth capital investments in UK-based SMEs.

Company
Established in 2007, Aerospace Tooling specialises in the remanufacturing of high-value aerospace and industrial gas turbine components. The business is based in Dundee, Scotland.

People
Senior investment manager Darrel Connell led the deal for Foresight. Current Aerospace Tooling CEO John Seaton will take on the role of executive chairman following the deal. John Green, currently general manager of the Dundee facility, will become operations director. The new management team will be bolstered by new joiners Fraser Clarkson (finance director) and Ben Blackwell (business development director).

Advisers
Equity – RW Blears (Legal); Baker Tilly (Financial due diligence); CIL (Commercial due diligence); Catalysis Advisory (Management due diligence); Portfolio Search (HR due diligence).
Vendor – Arkios (Corporate finance); Debello Law (Legal).