Moulton’s Better Capital makes first investment

BETTER Capital, the new vehicle set up by private equity veteran Jon Moulton, yesterday kicked off its investment mandate with the acquisition of aerospace parts supplier Gardner Group.

The firm’s BECAP fund said it had invested £15m in the business, and expects the figure to increase to £20m over time. Under the terms of the deal, Better Capital executive Nick Sanders, a former vice president of Lucas Aerospace, is due to join Gardner as non-executive chairman.

Derbyshire-based Gardner made an operating profit of £7.3m for the year to August 2008.