Blackstone in advanced talks for aerospace parts maker Senior
Private capital group and industrial investor Tinicum in talks with FTSE 250 company
Blackstone is part of a consortium in advanced talks to take control of UK aerospace parts supplier Senior, according to people familiar with the matter.
The private capital group and industrial investor Tinicum are progressing and could propose an offer acceptable to Senior’s board in the coming weeks, the people said. They cautioned that no decisions had been taken yet and talks could still shift or fall apart.
Blackstone and Tinicum are among a number of bidders that have shown interest in Senior, alongside the private equity groups Advent International and Arcline Investment Management.
The Blackstone-Tinicum consortium had emerged as a frontrunner in recent days, according to the people, although they cautioned that the situation could still change.
Earlier on Friday, Senior said that it remained in discussions with Advent and had agreed an extension to the investment group’s deadline to make a firm offer. Advent had previously proposed £2.72 a share but its offer was rejected.
The deadlines for the other two rival parties to make firm offers are due to expire early next week.
Senior’s shares surged in late February after it disclosed that it had received multiple offers and had hired investment banks to lead talks. The stock was trading on Friday afternoon at £2.77, valuing the company at £1.16bn.
The FTSE 250 group specialises in making ducts and valves to control fuel consumption for customers in the aerospace, defence and energy markets. If acquired, it would mark the latest in a series of British industrial groups to be taken over by both industrial and private equity buyers.
Advent bought Cobham and Ultra Electronics, while Meggitt was acquired by US industrial group Parker Hannifin.
Senior and Blackstone declined to comment. Tinicum did not immediately respond to a request for comment.