An affiliate of Sun European Partners, LLP (“Sun European Partners”) today announces that it has completed the sale of its investment in Manoir Aerospace (“Manoir”) to Lisi Group (“Lisi”).
Headquartered in Paris, Manoir is a leading designer and manufacturer of highly-engineered speciality metal components and assemblies for the commercial aerospace industry.
Lisi, a French group with headquarters in Belfort, is one of the worldwide leaders in screwed and clipped fasteners and mechanical safety components for the Aerospace, Automotive and Medical sectors.
During its ownership by the Sun European Partners affiliate, Manoir implemented a series of operational initiatives including improved manufacturing throughput, reduced costs, better working capital management and centralised purchasing. Manoir also made significant investments in new equipment for the Aerospace Division which is expected to generate incremental annual sales.
In March 2013, Manoir completed the sale of the Petrochemical & Specialties division to a strategic buyer. The proceeds from the sale were used to significantly deleverage the remaining Aerospace business.
The transaction is the fifth exit completed by Sun’s LBO funds this year, after completing eight exits and two IPOs in 2013.
Contact:
Fergus Wheeler
FTI Consulting
Tel: +44 (0) 20 3727 1522