Overview
In 2003, Dunedin co-led the £23 million management buyout of Gardner Aerospace, one of the UK's largest aerospace machining groups, with ABN Amro. Gardner was bought from the Receiver of its parent company L. Gardner Group plc. With ABN Amro, Dunedin provided a combined £15.7 million acquisition debt and equity package to facilitate the rapid completion of the deal.

Five years later we profitably realised our investment when the business was sold to the Carlyle Group in 2008.

Deal Features
Gardner displayed growth opportunities, a strong market position, and sector consolidation opportunities - all attractive qualities. We moved quickly and our investment was completed exactly four weeks from our first meeting with the management team.

Post completion and following a period of significant under-performance, we took an active role supporting the business strategically and financially. ABN was replaced by Rolls Royce PLC as an investor in the business. A significant turnaround of the business was achieved by a talented new management team and Gardner has now established itself as a centre of manufacturing excellence for the aviation industry and has become a truly global player.

Business Description
Gardner produces a wide range of machined components for airframes and aircraft engines, ranging from small detail parts to full-length aircraft wing skins and highly complex jet engine casings. The business benefits from a blue chip customer base in the civil and military sectors including Airbus, BAE Systems, Boeing, Bombardier, GKN, Rolls Royce and Vought. The business has seven sites throughout the United Kingdom and in Poland and employs over 800 people.

Gardner's perspective
Kevin Wilson, former non executive chairman of Gardner Group commented: "Dunedin worked in partnership with the management team to help build a market leading manufacturer of metallic aerostructure details, with a blue-chip aviation client base. Without their support this could not have been achieved. Dunedin continued to invest in, and strategically support, the business throughout their period of ownership."