UK-listed supplier Senior has completed the sale of its aerostructures business to investment and buyout firm Sullivan Street Partners for a total value of £200 million ($269 million).
First announced in July, the transaction closed on 31 December.
Senior says the divestment is part of a strategy to specialise in fluid conveyance and thermal management technologies.
It will use the proceeds from the deal to fund a £40 million share buyback programme and reduce net debt.
“The completion of this transaction marks a pivotal moment for Senior as we deliver on our strategy to become a market-leading fluid conveyance and thermal management business,” says David Squires, Senior chief executive.
In its six months results to 30 June, Senior said it expected the aerostructures unit to deliver full-year operating profit in the range of £9-11 million.
Half-year revenues for the operation rose by 6.3% to £150 million from £141 million in the same period a year earlier.
Excluding the aerostructures operation, total half-year aerospace revenues stood at £209 million.
Sullivan Street says it intends to rebrand the aerostructures unit, which specialises in the production of precision-machined airframe and engine components and other complex assemblies for multiple civil and defence platforms, including the Airbus A220 and Boeing 787.
