Key Takeaways
- • Foresight Group sold ATL Turbine Services, a Dundee-based gas-turbine component repair specialist, to Barnes Aerospace, delivering a 3.1x total return on invested capital for Foresight VCT and Foresight Enterprise VCT.
- • Foresight first invested in ATL in June 2013 and supported the business through investment in people, leadership, operational capabilities, critical plant and governance.
- • The acquisition gives Barnes Aerospace its first aeroengine component repair operation in Europe and adds ATL's repair, engineering and coating capabilities to Barnes' global network.
- • The sale provides ATL with a global strategic partner to support its next stage of development.
Summary
Foresight Group, a regional private equity and real assets investment manager, has announced the sale of ATL Turbine Services ("ATL") to Barnes Aerospace ("Barnes"). The transaction delivers a total return of 3.1x invested capital for Foresight's venture capital trusts (VCTs), including proceeds previously returned to investors during the holding period. The return is on total invested capital for Foresight VCT and Foresight Enterprise VCT.
Based in Dundee, Scotland, ATL is a specialist engineering business providing maintenance, repair and overhaul (MRO) services for components used in high-specification aerospace, defence, marine and industrial gas-turbine engines. The company combines component assessment, engineering, machining, heat treatment, repair and specialist coating at a single site. Foresight initially invested in ATL in June 2013. Over the holding period, it provided both capital and strategic support, working with management to strengthen leadership, operational capabilities and governance.
For Barnes, the acquisition establishes its first aeroengine component repair operation in Europe. According to a separate report on the transaction, Barnes Aerospace, a U.S. aerospace company, is expanding its European MRO footprint through the purchase of ATL. The addition of ATL's specialist repair, engineering and coating capabilities extends Barnes' existing global network.
Foresight describes the sale as giving ATL a global strategic partner to support its next stage of growth. The announcement was published by Foresight Group, and Foresight partners including Amy Crofton and Matt Smith are associated with the publicity around the transaction.
Based in Dundee, Scotland, ATL is a specialist engineering business providing maintenance, repair and overhaul (MRO) services for components used in high-specification aerospace, defence, marine and industrial gas-turbine engines. The company combines component assessment, engineering, machining, heat treatment, repair and specialist coating at a single site. Foresight initially invested in ATL in June 2013. Over the holding period, it provided both capital and strategic support, working with management to strengthen leadership, operational capabilities and governance.
For Barnes, the acquisition establishes its first aeroengine component repair operation in Europe. According to a separate report on the transaction, Barnes Aerospace, a U.S. aerospace company, is expanding its European MRO footprint through the purchase of ATL. The addition of ATL's specialist repair, engineering and coating capabilities extends Barnes' existing global network.
Foresight describes the sale as giving ATL a global strategic partner to support its next stage of growth. The announcement was published by Foresight Group, and Foresight partners including Amy Crofton and Matt Smith are associated with the publicity around the transaction.
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