London mid-market firm Montagu Private Equity has completed the acquisition of ADB Airfield Solutions, the Siemens airfield lighting business, for an undisclosed sum.
The deal secured a €73m debt package financed by Bank of Ireland, WestLB, Siemens Financial Services, Fortis and KBC Bank.
Headquartered in Brussels, ADB was founded in 1947, and was acquired by Siemens in 1987, and supplies products, solutions and services for visual guidance in airfields. The company employs approximately 400 people in around 10 locations worldwide.
Sylvain Berger-Duquene, director at Montagu, said: “We were attracted to ADB Airfield Solutions due to its substantial growth potential. Ongoing innovation, a strong market position and an outstanding management team mean that we are delighted to back this company.”
The deal is Montagu’s first of 2009, and comes just a few weeks after the firm’s first exit, that of Kalle, the German sausage casing maker, which it sold to Silverfleet Capital for €212.5m. Another portfolio company, the UK survival equipment maker Survitec, has been linked to a bid by Permira.