International manufacturing group Senior has acquired Thermal Engineering Holding from Privet Capital. Thermal is an aerospace components manufacturer located in Royston, Hertfordshire.
Mark Rollins, Senior's group chief executive, said:
Thermal represents an excellent addition to Senior's Aerospace Fluid Systems Division, providing additional capability to the Group in the areas of Hot Forming and Insulation. Thermal's capabilities, combined with Senior's wider market access and financial strength and the current healthy commercial aerospace markets, are expected to further enhance the future growth prospects for the Senior Group.
The total consideration was £28.3m which included the repayment of £6.5m of debt in the business acquisition. The company has 240 employees and existing management will remain and operate within Senior's Aerospace Fluid Systems Division.
Thermal's unaudited management accounts show sales of £14.5m and gross assets of £11.7m.