A manufacturer of components for the aerospace industry is to be acquired by a listed group for £42.2 million.
Barnstaple-based Aero Stanrew Group (
www.aerostanrew.co.uk), which designs and produces electromagnetic components and electronic systems for harsh environments and safety-critical applications, has been bought by Surrey-based TT Electronics (
www.ttelectronics.com).
Aero Stanrew was owned by Westbridge Capital, its directors and a number of small private shareholders. Chief executive Clive Scott and the existing management team will remain with the business following the acquisition, while Westbridge will exit.
Richard Tyson, chief executive of TT Electronics, said: “The acquisition of Aero Stanrew accelerates our strategy to return to sustainable, profitable growth. It is a significant step to strengthen our position in growth areas of the aerospace and defence market, enhancing our technology and product portfolio.
"Aero Stanrew is an excellent business and has significant further potential as part of TT. There is a strong technology, customer and cultural fit between the two businesses, and we believe that there is mutual benefit in making Aero Stanrew part of the group.”