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Foresight invests GBP3.5 million in Aerospace Tooling Limited

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(Credit: Reuters) A man performs a final inspection on a piece of landing gear.Aerospace component
July 15
8:21 AM 2013

Foresight Group announced that it invested GBP3.5 million or US$5.3 million in Aerospace Tooling Limited's Buy-in Management Buy Out. The deal would give Foresight the majority shareholding in the corporation. The transaction was centered in a mixture of debt and equity.

ATL was a precision engineering corporation. It specialized in remaking expensive aerospace and industrial gas turbine structures. It was founded by CEO John Seaton in 2007. After the transaction, Seaton would be the Executive Chairman.

The new administration team would be boosted by Fraser Clarkson and Ben Blackwall's arrival. Clarkson would be the Finance Director while Blackwell would act as Business Development Director.  Clarkson would bring 30 years worth of experience in financial and commercial administration. Conversely, Blackwell worked at Rolls Royce and AEA Technology.

"This transaction continues to build the deal flow momentum at Foresight which in the past 5 years has seen more than £96m released for the benefit of investors from 21 investments at an average of 3.7x cash multiple," Senior Investment Manager at Foresight, Darrel Connell, said.

"I am delighted that the team at Foresight shares our passion and enthusiasm for the products and services we provide and for the sector we serve. We look forward to a profitable partnership," Seaton of ATL added.

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