The Carlyle Group Acquires Gardner Group

London – Global private equity firm The Carlyle Group today announces that it has acquired Gardner Group Ltd, the UK-headquartered supplier of metallic aerostructure details, equipment and engine components to the global aviation industry. The company was acquired from Dunedin and Rolls-Royce. Financial terms were not disclosed.

With manufacturing facilities in the UK, Poland and India, Gardner Group is the UK’s largest independently owned supplier of metallic aerospace details and sub-assemblies, and is one of the largest in Europe. Gardner’s customers include Airbus, Rolls-Royce, GKN, BAe Systems and other major international companies in the aviation sector. Gardner also provides aerospace component repair services, fast turnaround ‘late definition’ services, and manufactures transmission components for truck gearboxes.

Patrick Grady, President and Chief Executive Officer, Gardner Group, comments, “In recent years, Gardner has grown into one of Europe’s most important aerostructure manufacturers, with a market leading position in the supply of metallic details to a blue-chip aviation client base. The Carlyle Group is one of the world’s most experienced aerospace investors, and with its financial backing and industry expertise, we will solidify our leadership position and prepare for the next phase of growth in line with the expanding aviation market.”

David FitzGerald, Managing Director, The Carlyle Group, adds, “Our confidence in the long-term prospects of the components and equipment segments of the aerospace industry is underpinned by the strong backlog of orders for strategic commercial aircraft platforms. With embedded positions on these platforms, Gardner Group is poised to grow despite the challenging environment we are currently observing at the operator end of the supply chain."

“OEMs and Tier 1 suppliers are rationalising their supply bases and Gardner’s performance, reputation, technical skills and low-cost production capabilities have enabled it to benefit from this trend. We look forward to working with Gardner’s excellent management team and leveraging Carlyle’s international footprint and expertise in the aerospace sector; our goal is to deliver enhanced and sustainable benefits to Gardner’s strategic customer base.”

Carlyle aerospace investments include The Aerostructures Corporation, Sequa Corporation, Vought Aircraft Industries, Inc and Wesco Holding, Inc.

GE and HSBC provided debt financing. Carlyle’s advisors included KPMG, Latham & Watkins and CSP Associates.

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