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ATL Turbine Services, the Dundee-based engineering company, has been sold by private equity firm Foresight to Barnes Aerospace for an undisclosed sum.<\/p>\n
Barnes is a global provider of component engineering, manufacturing and repair solutions for the aerospace industry. The acquisition establishes its first dedicated component repair and overhaul presence in Europe. <\/p>\n
It adds ATL\u2019s established repair, assessment, coating and engineering capabilities to its existing global repair network.<\/p>\n
The transaction delivers a total return of 3.1x invested capital for Foresight\u2019s VCTs, including proceeds
previously returned during the investment period.<\/p>\n
ATL provides maintenance, repair and overhaul services for components used in high-specification aerospace, defence, marine and industrial gas-turbine engines. <\/p>\n
The company brings together component assessment, engineering, machining, heat treatment, repair and specialist coating capabilities at a single site.<\/p>\n
Foresight initially invested in ATL in June 2013. Over the investment period, it has provided both capital and strategic support to the business, working closely with management to strengthen ATL\u2019s leadership, operational capabilities and governance.<\/p>\n
Wayne Thomson, operations director of ATL Turbine Services, said: \u201cJoining Barnes Aerospace
represents an important next chapter for ATL. Foresight has been a supportive partner to the business,
helping us invest in our people, capabilities and operational platform and positioning ATL for long-term
success.<\/p>\n
\u201cBarnes shares our focus on engineering expertise, quality and responsive customer support. Combining
ATL\u2019s specialist repair and coating capabilities with Barnes Aerospace\u2019s broader global network creates an exciting platform from which to invest in our people, expand our customer offering and pursue further growth from our base in Dundee.\u201d<\/p>\n
Duncan Thorburn, senior investment manager at Foresight Group, said the deal had delivered \u201ca strong return for Foresight\u2019s investors\u201d and had secured \u201ca strategic long-term partner for the business\u201d.<\/p>\n
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