From Rubber & Plastics News
London-UK equity fund manager Doughty Hanson & Co. has agreed to sell Dunlop Standard Aerospace Group to a consortium of UK-based Meggitt plc and global private equity firm Carlyle Group for $1450 million.
Dunlop Standard Aerospace includes Dunlop Aerospace Precision Rubber, a maker of elastomeric seals for airframes and engines.
Doughty Hanson, one of the largest independent private equity firms in Europe, acquired the business from BTR plc in October 1998 for $855 million. Under Doughty Hanson's ownership, sales grew to $744 million in 2003 from $482 million in 1998.
The transaction is expected to close in August.
Upon closing of the sale, Meggitt will take control of Dunlop Aerospace Design and Manufacturing division, which includes Dunlop Aerospace Precision Rubber, while Carlyle Group will take Standard Aero Engine Maintenance, Repair and Overhaul division.