Derby manufacturer sold to US private equity firm

Derby manufacturing firm Pattonair, which works in the aerospace and defence markets, is to be sold to a US private equity firm.

Platinum Equity will buy the firm, which employs 1,000 people, from Exponent Private Equity.

The value of the deal is undisclosed.

“Pattonair is a well-respected business with a proven management team and strong long-term customer relationships,” said Platinum Equity partner Louis Samson.

He added: “We share the company’s commitment to exceptional customer service and look forward to partnering with Wayne and Pattonair’s leadership team to pursue additional growth, both organically and through prospective add-on acquisitions.”

Pattonair chief executive officer Wayne Hollinshead said: “This is exciting news for our company and our customers and we are thrilled about the prospect of partnering with Platinum Equity.

“Platinum has exceptional operational and M&A capabilities, a strong presence in Europe and a track record of helping portfolio companies reach their full potential.”

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