Ashfords advised Centrax Industries Limited on the share sale of its subsidiary, Centrax Turbine Components Limited ("CTCL"),with its 430 employee £40M turnover turbine components business to Scottish based MB Aerospace Holdings Limited, majority owned by the Blackstone Group, for an undisclosed sum.
The Centrax Group was founded in 1946 by the Barr family who still play an integral role in the day to day management of the business. Centrax specialises in the manufacture and distribution of gas turbines and turbine engine components counting Rolls-Royce, Snecma and Solar among its customers for such aircraft as Airbus A320, Boeing 737, Hercules 130J and the Osprey V22.
CTCL, which focuses on the manufacture of turbine engine components, will be rebranded MB Aerospace Newton Abbot continuing to operate from the same site.
The Centrax Group has retained its important Gas Turbines Division which specialises in the manufacture and support of distributed power supply systems.
The Ashfords team was led by Andrew Rothwell (Real Estate)
Robert Barr, joint CEO of the Centrax Group said:
"Ashfords did a magnificent job deploying a specialist team of 25 lawyers to get this complex transaction done from heads of agreement through all stages of due diligence and contract negotiation to completion, in 8 weeks."