The £326m sale of Gardner Aerospace, the Derby aerospace business, to Ligeance Investments, a subsidiary of Chinese group Shaanxi Ligeance Mineral Resources (SLMR) worth £326m has been completed.
Better Capital acquired Gardner in 2010 after the components supplier failed to secure investment to fund ongoing losses. Under the firm’s ownership, the company which supplies companies such as Rolls Royce and Airbus, has received injections totalling £41.0 million and boosted turnover to £132m, resulting in an EBITDA of £24m .
The acquisition of Gardner will enable SLMR to pursue its ambitions in the Aerospace/ Industrial Gas Turbine (IGT) sector.
Richard Crowder, Chairman of Better Capital PCC Limited, said: “I would like to record my appreciation to all at Gardner for their contribution to this great success, and I wish Gardner and its new owner every success in its next phase of growth.”