Better Capital seals first deal

Better Capital, the private equity firm recently set up by Jon Moulton, has acquired aerospace components supplier Gardner.

The £20 million deal is the first transaction for the turnaround-focused firm, which Moulton established after quitting Alchemy Partners last September.

Gardner has experienced ‘major declines in demand for its business jet and truck transmission products’ since the beginning of last year, according to Better Capital.

The firm has invested £15 million in the company to pay down debt and fund future growth, and anticipates releasing a total of £20 million.

Gardner had net liabilities of £29.3 million and annual sales of £66.2 million in the year to August 2008. The company was acquired by The Carlyle Group, a private equity investor, in November 2008. Previously it was owned by Dunedin Capital Partners and Rolls-Royce.

Nick Britton

Lexus Ernser

Nick was the Managing Editor for when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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