Senior buys Thermal Engineering

2nd Dec 2013 07:05

Aerospace manufacturer Senior has bought Thermal Engineering Holding for 28.3m pounds.Senior has bought Thermal, which supplies global jet engine and airframe manufacturers and their major suppliers, from Privet Capital and other shareholders.Hertfordshire-based Thermal specialises in making hot and cold formed components, complex fabricated assemblies and thermal insulation heat shields and systems.The total consideration, paid in cash at completion and funded through the utilisation of existing cash and debt facilities, included repayment of £6.5m of debt in the business, which is expected immediately to increase earnings.The company employs 240 people and the existing management team will continue to manage the business, which will operate within Senior's aerospace fluid systems division.Senior's Chief Executive Mark Rollins said: "Thermal represents an excellent addition to Senior's aerospace fluid systems division, providing additional capability to the group in hot forming and insulation."PW