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UK's Dunedin Capital Partners and ABN Amro Capital team up to finance MBO of Gardner Aerospace

Gardner Aerospace, which produces machined components for airframes and aircraft engines, has been saved from closure by a £21.5m management buy-out led by Dunedin Capital Partners and ABN Amro.

The parent company of Gardner Aerospace, L Gardner Group plc, went into receivership in January 2003, suffering from a crippling debt burden and having failed to dispose of its non-core assets in 2002.

Dunedin and ABN Amro bought Gardner Aerospace from the receiver, providing £15.5m of equity between them.

Dougal Bennett, director of Dunedin, said: ‘Dunedin is pleased to back such an experienced and effective management team which has already demonstrated impressive changes within the Gardner Aerospace business, which is testimony to their business development focus and their strong network of contacts.'

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