Phoenix funds management buyout of ERA Technology

UK private equity investor Phoenix has invested £18m to fund the management buyout of the engineering consulting business of ERA Technology (ERA) from Cobham.

ERA provides condition assessment, materials design and testing, forensic engineering, safety assessments and failure investigation services to a wide range of private and public sector clients.

Phoenix is backing a team led by Rob Dilworth, formerly a senior executive at Intertek, to lead the buyout, alongside ERA’s existing management team.

ERA was formed in 1920 as a research association, converted to a trading entity in 2001 and in acquired by Cobham in 2003.