AE Aerospace has completed a management buy-out of the business as part of an expansion drive to reach new customers and marketplaces.
The firm said the deal would also help strengthen its existing offering to customers like Goodrich UTC, Rolls-Royce, Moog, Bombardier and BAE Systems.
Established in 1996 to service the aftermarket needs of the aerospace industry, AE Aerospace has delivered a range of engineering solutions to the civil precision components market, as well as working on military projects in a variety of sectors.
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The management team was led by managing director Peter Bruch, who joined AE Aerospace in March last year with a view to taking the business to the next stage of growth.
Mr Bruch was supported by quality and operating systems director George Preston and engineering director Andy Masters, who has been with the business for over 19 years.
Under the management team the company has begun to implement an initial five-year strategy for growth.
The management team was supported by Ruth Murday of Midlands corporate law firm Hawkins Hatton.
Arran Jones of Birmingham-based accountancy practice the Michael Dufty Partnership provided the lead advisory role to the MBO team.
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Lloyds Commercial Finance, through Gary Wright, provided funding for the MBO, with Colin Rodrigues of Hawkins Hatton acting on behalf of Lloyds.
Ms Murday said: “We were delighted to advise the management team on the management buy-out and I have every faith that the team, with its combination of many years of experience and forward thinking, will secure the continued success of the business well into the future.”
Mr Rodrigues added: “I know that with the funding line provided by Lloyds Commercial Finance, the business will continue to grow to meet its five year plan of expansion”
Mr Bruch said: “We are looking forward to the future and we will be working to re-invest in our people and equipment to extend and improve our service to our customers. The support and advice provided by Hawkins Hatton and MDP was instrumental to us and we look forward to working with both firms in the future.”