INVESTMENT group Foresight has taken a majority stake in Dundee-based precision engineer Aerospace Tooling (ATL) in a £3.5 million “buy-in management buyout” (bimbo) deal.
The debt and equity investment will see the company’s founder, John Seaton, become executive chairman while Fraser Clarkson has been installed as finance director and former Rolls Royce and AEA Technology veteran Ben Blackwall as business development director. The firm’s general manager John Green becomes operations director.
Foresight backed the deal with funds from a range of its venture capital trusts (VCTs).
Seaton, who founded ATL in 2007, said: “In Foresight I am confident that we have found the right partner and we have the right structure in place to deliver the future growth plans for our business. We look forward to a profitable partnership.”
ATL specialises in the remanufacturing of aerospace and industrial gas turbine components. Foresight has more than £750m in assets under management across a number of funds.