Doughty Hanson, one of the largest independent private equity firms in Europe, has sold Dunlop Standard Aerospace for $1.45 billion to Meggitt and Carlyle.
Dunlop Standard is an engine repair and overhaul company for regional, military and business aircraft engines, and supplies wheel and braking systems, engine components and rubber seals for a variety of aircraft.
Doughty Hanson acquired the business from BTR (now Invensys) in October 1998 for $855 million. Under its ownership, turnover grew from $482 million in 1998 to $744 million in 2003. For the year ended 31 December 2003, Dunlop Standard reported revenues of $743.9 million and EBIT of $100.4 million.
The Group has over 4,000 employees around the world, with its main operations located in the United Kingdom, Canada and the US.
In the UK, Dunlop Standard employs more than 1,000 people at sites in Coventry, Heathrow and Leicestershire.