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.”