MB Aerospace to make acquisitions after buyout

MB Aerospace said it was already in talks with a "number of acquisition targets"

MB Aerospace is to embark on a series of acquisitions after a US private equity firm bought a majority stake in the business.

The Motherwell-based company said it had completed a "secondary" management buyout with Arlington Capital Partners.

Under the terms of the deal, Arlington Capital is taking a majority stake alongside the MB Aerospace management team.

The value of the transaction was not disclosed.

MB Aerospace, which employs more than 100 people in Scotland, focuses on machined and fabricated components for global aerospace and defence manufacturers.

The company, which has manufacturing operations in the UK and the US, said it was in discussions with "a number of acquisition targets" in the United States which would see the group expand considerably from its current turnover of more than $80m (£53m).

Chief executive Craig Gallagher, who led the original management buyout of the company from engineering group Motherwell Bridge in 2007, will be chief executive of the enlarged business.

Mr Gallagher said: "This landmark deal represents a great vote of confidence in our US and UK employees and operations, as well as providing the group with significant opportunities for further expansion in the months and years ahead."

MB Aerospace's existing customers include Pratt & Whitney, Rolls-Royce, General Electric, Boeing, Mitsubishi Heavy Industries and Volvo Aerospace.