Investee Company – Doncasters
Investee Company Business Type – International manufacturer of components for performance critical applications
Type of Financing – Buy-out
Equity Providers – Royal Bank Private Equity
Equity Leader (Individual) – Henry Gregson and Paul Isaacs of Royal Bank Private Equity
Debt Providers – Royal Bank of Scotland and J.P.Morgan Chase & Co.
Debt Type – Senior Debt, Mezzanine and working capital facility
Debt Leader (Individual) – Alan Lewis of Royal Bank of Scotland, and Hamish Buckland of J.P.Morgan Chase & Co.
Equity Amount – N/A
Total Deal Value – $260.7million
Other Advisors – Credit Suisse First Boston, J.P.Morgan Chase & Co.
Comments – Doncasters the international manufacturer of components for performance critical applications, has been acquired in a deal worth $260.7million.
The equity for the deal was provided by Royal Bank Private Equity, the remainder of the deal was financed by the Royal Bank of Scotland, who have provided senior debt and mezzanine financing, and J.P.Morgan Chase & Co.
Royal Bank Private Equity is making the acquisition through RCG Holdings, a recently incorporated company which has also acquired the Ross Catherall Group. Following the transaction the activities of engineering company Ross Catherall will be merged with those of Doncasters. The new company which will operate under the name Doncasters, will operate an alloy, production, casting, forging, fabrication and machining group focussed on the growing aerospace, industrial gas turbine, superalloy and automotive turbocharger markets.
Originally founded in 1778 and headquartered in Melbourne, Derbyshire, Doncasters is one of the longest continually operating industrial manufacturing companies in the world. In more recent times the company has expanded internationally and has broadened its product capability. Doncasters are now one of the few major international manufacturers who specialise in gas turbine components.
Paul Isaacs, director of Royal Bank Private Equity commented: “We look forward to working closely with the management team of Doncasters to secure the benefits of the combination of the Doncasters and Ross Catherall businesses and to developing a leading aerospace and IGT group”.