Better Capital PCC Limited Disposal of Gardner Aerospace Completion (7982H)
June 12 2017 - 4:00AM
UK Regulatory
TIDMBCAP TIDMBC12
RNS Number : 7982H
Better Capital PCC Limited
12 June 2017
BETTER CAPITAL PCC LIMITED 2009 Cell
12 June 2017
Gardner Aerospace Holdings Limited
Better Capital PCC Limited (the "Company") is pleased to
announce that BECAP Fund LP (the "2009 Fund") has completed on the
disposal of Gardner Aerospace Holdings Limited ("Gardner") to
Ligeance Investments Limited, a wholly owned subsidiary of Shaanxi
Ligeance Mineral Resources Co., Ltd. ("SLMR") for GBP326.0 million
on an Enterprise Value basis.
Gardner is an award-winning leading Tier-1 supplier of detailed
parts and added-value services to the global aerospace industry.
The business was acquired by the 2009 Fund in February 2010 after
failing to secure new investment to fund on-going losses. Under
Better Capital's ownership, Gardner received injections totalling
GBP41.0 million from the 2009 Fund, most of which has gone into
funding bolt-on acquisitions and capital projects.
Headquartered in Derby, UK, Gardner now operates from ten
manufacturing facilities across the UK, France, Poland and India
and has an excellent reputation for delivery and quality. In the
year ended 31 August 2016, the business reported turnover and
EBITDA from continuing operations of GBP132 million and GBP24
million respectively.
SLMR is a diversified industrial group, listed on the Shenzhen
Stock Exchange (market capitalisation of GBP1.3 billion - as at 9
June 2017) with significant mining reserves. The strategic
acquisition of Gardner will enable SLMR to access a world class
manufacturer of scale with a strong European customer base, and
pursue its ambitions in the Aerospace/ Industrial Gas Turbine (IGT)
sector.
The sale of Gardner has realised net proceeds to the 2009 Fund
of GBP254.1 million, an uplift of GBP34.1 million/ 15.5 per cent.
to the 2016 Interim Report valuation of GBP220.0 million, recording
an IRR of 35.3 per cent. and 7 times money multiple on total
investment of GBP41.0 million.
The Board intends to distribute GBP221.9 million (equivalent to
approximately 107 pence per share) to the 2009 Shareholders by way
of a compulsory partial redemption as soon as practicable. A
further announcement will be made in due course.
Richard Crowder, Chairman of Better Capital PCC Limited, said:
"On behalf of Better Capital, I would like to record my
appreciation to all at Gardner for their contribution to this great
success, and I wish Gardner and its new owner every success in its
next phase of growth."
Enquiries:
Better Capital PCC Limited +44 (0) 1481 716 000
Laurence McNairn (Administrator and Company Secretary)
Better Capital LLP +44 (0) 20 7440 0840
Simon Pilling (Chief Executive Officer)
Rob Asplin (Managing Director)
Bonnie Kraus (Director of Finance and Investor Relations)
Powerscourt +44 (0) 20 7250 1446
Justin Griffiths
Numis Securities +44 (0) 20 7260 1426
Nathan Brown
This information is provided by RNS
The company news service from the London Stock Exchange
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