Enact takes majority stake in Stirling Dynamics
Enact, the Leeds-based dedicated SME fund managed by private equity house Endless, has taken a majority stake in Stirling Dynamics in a deal which will involves "significant capital" being invested to support the development of the company's existing product range.
Bristol-based Stirling Dynamics provides advanced engineering design services into the aerospace, marine and energy sectors focusing on active control technologies, aerospace engineering and control theory.
Enact has "ambitious plans" for the company, which employs 102 staff, with "significant capital" to be invested in supporting the development of its existing product range, as well as its continued product diversification and the enhancement of the consultancy services offering.
One of the company's key products is a high fidelity control system used in flight simulators. It is currently working with Lockheed Martin on the provision of training simulators for military pilot training programs into the F35 Joint Strike Fighter programme.
Chris Cormack, investment director at Enact, joins the board at Stirling Dynamics and will support the existing management team led by managing director Stephen Judd. Robert Stirling, founder of Stirling Dynamics, will remain with the company as its president.
Cormack said Enact's involvement in the company not only puts in place a "succession planning strategy for the business", but it also provides a "scalability of supply to the existing product range, particularly around military training simulations for the F-35 jet fighter programme".
"With this and other blue chip client partnerships in global markets including Europe, the USA and Asia, Stirling Dynamics is in a strong position to grow and build on its success to date," added Cormack.
Judd said: "Facilitating our plans for growth through investment capital and management support, Enact will provide the tools necessary to achieve our aspirations whilst valuing the key attributes that are the essence of the company."
Enact was advised by Simon Pilling and James Cook of Gordons, and Russ Cahill of the Tax Advisory Partnership.