11 August 2007
11 August 2007
NP Aerospace (NPA), one of Europe’s largest thermoset moulding companies, has undergone a £71 million trade buy-out (TBO) backed by one of its major suppliers, Morgan Crucible plc.
The deal signals the start of a new expansion phase for the company and gives the management team the support required while Morgan Crucible acquires a significant minority stake. It also provides an exit for The Carlyle Group, the global private equity house which bought the company for £30 million from Reinhold Industries in 2005 and has supported the NPA team in achieving their long term goal of becoming an independent company. Barclays Bank is providing funding for the management team.
NP Aerospace supplies composite moulded products to the aerospace, medical imaging, automotive and defence industries. The company’s products, which are based on a range of advanced composite materials and proprietary production technologies, include ballistic resistant helmets and body armour, low x-ray absorbent medical structures and light-armoured vehicle structures.
NPA’s armoured vehicles have been used by the MoD, Police and various news teams together with its body armour and helmets for over 20 years. A key aspect in the NPA success story is their speed and ability in bringing innovative products to the market whether it be a new explosive ordinance suit (EOD) for the army or a new composite couch top for the medical industry, their products always become a significant competitor in their sector.
Founded in 1926, NP Aerospace was originally part of Courtaulds and is based in Coventry, England and Amman, Jordan and has over 200 employees. It will continue to operate as a standalone firm with a UK board led by chief executive Roger Medwell, who has run the business since 1978 when he was appointed as general manager.
NP Aerospace’s chief executive Roger Medwell said: “NP Aerospace is known for being at the forefront of technology and there are numerous opportunities to develop our offering still further. We have plans for major expansion and the buy-out will put in place the conditions we need to fulfil these. The partnership with Morgan Crucible will help us to access new technologies and markets and give us the support we need to flourish and grow. The Midlands has a highly skilled and available workforce due to the unfortunate closure of some key manufacturers in the region and we will be looking to recruit to pursue our expansion plans.”