UK - Dunedin to sell Fernau in £32m deal

Dunedin acquired Fernau in a £16m management buyout in May 2007. The investor provided the entire deal value upfront and later refinanced the business with Lloyds TSB Bank, reducing its equity investment to £8m.

Luton-based Fernau was founded in 1970 and is a designer and manufacturer of navigational aids to both the civil and military aviation markets in the UK, Europe, North America and the Far East. Its installations help pilots assess the distance to an airport, with the military version being sold to NATO governments including the US.

Since the initital acquisition by Dunedin, sales have doubled from £10m to a £20m forecast for this year, while employee numbers have risen by 20% in that time to 80.

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