Sullivan Street Partners agrees to acquire Senior plc’s Aerostructures business

Private Equity investor Sullivan Street Partners has agreed to acquire the Aerostructures business of Senior plc for a total enterprise value of up to £200m.

Senior’s Aerostructures business is a premier player in delivering precision-machined airframe, aero engine components and complex assemblies for commercial aerospace, defence and space applications.

The transaction comprises a sale of the assets of the US businesses Senior Aerospace AMT, Damar, Senior Aerospace Jet, Ketema; the assets of the Earby-based business Senior Aerospace Weston; all of the issued shares held in Upeca Aerotech Sdn. Bhd (Malaysia); and all of the issued shares held in Senior Aerospace (Thailand).

David Squires, chief executive of Senior, said: "We are delighted to announce that we have reached a binding agreement for the sale of our Aerostructures business to Sullivan Street Partners.  

"We are confident that this sale aligns with the long-term interests of our shareholders, customers, employees and other stakeholders.  

"This transaction successfully positions Senior as a market-leading pure-play fluid conveyance and thermal management business, delivering in line with our strategy.  

"The Aerostructures business is well positioned to prosper and grow and we wish our colleagues there every success in the future.  

"Our remaining high quality fluid conveyance and thermal management business is well positioned to deliver attractive growth, improved margins, and better returns on capital with strong operating cash flow performance.  

"With our global footprint and operating in attractive and structurally resilient end markets, Senior is well-placed to deliver sustained profitable growth and create enhanced value for our shareholders."

Zeina Bain, managing partner at Sullivan Street Partners, said: “We are looking forward to working closely with the management team to continue delivering exceptional customer service and growth.

"This is a well-established business with clear strengths and we’re excited to take it into its next chapter and expand the reach of its high-quality capabilities.”

Sullivan Street bosses say they want to 'continue to expand the business’ capabilities and scale, with a focus on areas such as manufacturing excellence and supply chain reliability'.

It is working with Senior PLC to 'ensure a seamless separation of this unit, with plans to rebrand underway.

A spokesman for Sullivan Street said: "We’ve got an exciting journey ahead as we support the business into becoming an independent market-leading supplier."

After the completion of the transaction, Senior will have 19 operating businesses, including one joint venture, located in 10 countries.

The principal markets of Senior's FCTM business will be aerospace and defence, land vehicle and power & energy, and adjacent markets such as semi-conductor equipment and medical.

Aerostructures employs around 1,800 individuals (as at 31st December 2024) in seven sites located in the US, UK, Thailand and Malaysia.