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, we provided a combined £15.7 million acquisition debt and equity package to facilitate the rapid completion of the deal.

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

Post completion and following a period of under-performance, we took an active role supporting the business strategically and financially. Rolls Royce PLC replaced ABN as an investor in the business and Gardner is now geared for strong growth.

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, employs over 800 people and is headquartered in Nuneaton.

Gardner's perspective
"Dunedin has worked in partnership with the management team to secure a turnaround and development of the business. Without their support this could not have been achieved. Dunedin has continued to invest in, and strategically support, the business and we are now placed for a period of substantial growth." Kevin Wilson, Chief Executive of Gardner