BBA has sold its Haefely Trench electrical engineering business for £154m to a new group formed by venture capitalist CVC Capital Partners.
The move will leave BBA with funds to cut debt and add bolt-on acquisitions to its remaining core areas of friction, non-wovens, and aviation.
Heat treatment specialist Ajax Magnethermic, BBA’s remaining electrical business, is still for sale. CVC is understood to be a likely buyer investor.
Haefely Trench is a major supplier of high voltage technology products used in the power transmission and supply industry.
Following the sale, it will be known as Trench Group. Turnover last year was estimated at £170m, with pre-tax profits at £17.5m.
Ron Montgomery, head of Haefely Trench, has been appointed president and chief executive officer of the Trench Group and is joined on the board by two CVC directors, Marc Boughton and Ty Comfort.
The group plans to grow further through strategic acquisitions and partnerships.