Dunedin sells Fernau Avionics

Mid-market outfit Dunedin has sold its 2007 investment in Fernau Avionics, a UK designer and manufacturer of navigational aids, for £32m to Moog Controls Limited, a subsidiary of Moog Inc.

Dunedin backed a £17m management buyout in June 2007, investing £8m of equity.

Since then, Fernau sales have doubled from £10m to an expected £20m in the current year.

The business was founded in 1970 and has to date sold over 1000 navigational systems to the civil and military aviation markets in the UK, Europe, North America and the Far East.