Fernau Avionics, a designer and manufacturer of navigational aids to the civil and military aviation markets, has been bought by its management.

Fernau Avionics, a designer and manufacturer of navigational aids to the civil and military aviation markets, has been bought by its management.

The deal was backed by private equity firm Dunedin, which invested £8 million for a majority shareholding.

Dunedin appointed a team from The Parthenon Group, led by senior principal and head of its London-based private equity practice, Mark Jeynes, to provide a commercial due diligence review of Fernau.

Jeynes said the firm was approached to work on the deal due to its aerospace and defence expertise. “Fernau Avionics is an exciting opportunity for Dunedin and the buy-out team, operating in a specialised niche with market leading technology, strong customer relationships and very good visibility of future revenues,” Jeynes said.