Private equity giant Carlyle has bought a Nuneaton-based manufacturer and supplier of components to the global aviation industry.

Private equity giant Carlyle has bought a Nuneaton-based manufacturer and supplier of components to the global aviation industry.

Gardner Group, which names Airbus, BAE Systems and Boeing among its clients, was sold by mid-market private equity house Dunedin and engineering group Rolls-Royce.

The deal is the first to be funded from Carlyle’s new €530 million second European technology fund, Carlyle Europe Technology Partners II. Debt was also used to complete the deal and was provided by GE and HSBC.

Carlyle stepped in five years after Dunedin put £16 million into Gardner, with Rolls-Royce becoming a minority investor in 2005.

Gardner president and chief executive Patrick Grady said he intends to grow the business with his new backer’s support. “Carlyle is one of the world’s most experienced aerospace investors, and with its financial backing and industry expertise, we will prepare for the next phase of growth in line with the expanding aviation market.”

Carlyle’s previous aerospace investments include Aerostructures, Sequa, Vought Aircraft Industries and Wesco.

Gardner produces machined and fabricated components for airframes and aircraft engines, ranging from small detail parts to full-length wing skins and jet engine casings. It also has an aerospace component repair service and makes transmission components for truck gearboxes.

The business has seven sites throughout the UK, Poland and India, with more than 800 employees serving clients in the civil and military sectors.

Carlyle manages €15.4 billion in 17 European funds across corporate private equity, real estate and alternative investments.