Foresight exits ATL Turbine Services to Barnes Aerospace

• Foresight sells ATL Turbine Services, a Dundee-based specialist in the repair and refurbishment of gas-turbine components, to Barnes Aerospace.
• The transaction delivers a 3.1x return on total invested capital for Foresight VCT and Foresight Enterprise VCT.
• During the investment period, Foresight supported ATL through investment in people, leadership, operational capabilities, critical plant and governance.
• The acquisition establishes Barnes Aerospace’s first aeroengine component repair operation in Europe and adds ATL’s specialist repair, engineering and coating capabilities to Barnes’ existing global network.
• The transaction provides ATL with a global strategic partner to support the next stage of its development.

Foresight Group (“Foresight”), a leading regional private equity and real assets investment manager, announces the successful sale of ATL Turbine Services (“ATL” or the “Company”) to Barnes Aerospace (“Barnes”).

The transaction delivers a total return of 3.1x invested capital for Foresight’s VCTs, including proceeds previously returned during the investment period. 

Based in Dundee, Scotland, ATL is a specialist engineering business providing maintenance, repair and overhaul services for components used in high-specification aerospace, defence, marine and industrial gas-turbine engines. The Company brings together component assessment, engineering, machining, heat treatment, repair and specialist coating capabilities at a single site. 

Foresight initially invested in ATL in June 2013. Over the investment period, Foresight has provided both capital and strategic support to the business, working closely with management to strengthen ATL’s leadership, operational capabilities and governance. 

Foresight supported investment into critical plant and equipment, the strengthening of the senior leadership team and financial control environment, and initiatives to enhance customer relationships and operational delivery. Foresight also strengthened governance through active Board representation and the appointment of an independent Chair.

Barnes is a global provider of component engineering, manufacturing and repair solutions for the aerospace industry. The acquisition establishes Barnes Aerospace's first dedicated component repair and overhaul presence in Europe and adds ATL’s established repair, assessment, coating and engineering capabilities to its existing global repair network. 

ATL Turbine Services strengthens Barnes Aerospace's global repair network with specialized turbine component repair capabilities that will serve as a platform for growth across Europe. The combination creates opportunities to broaden the repair solutions available to customers and support the continued development of ATL’s capabilities in Scotland. 

Wayne Thomson, Operations Director of ATL Turbine Services, said: “Joining Barnes Aerospace represents an important next chapter for ATL. Foresight has been a supportive partner to the business, helping us invest in our people, capabilities and operational platform and positioning ATL for long-term success.
Barnes shares our focus on engineering expertise, quality and responsive customer support. Combining ATL’s specialist repair and coating capabilities with Barnes Aerospace’s broader global network creates an exciting platform from which to invest in our people, expand our customer offering and pursue further growth from our base in Dundee.”

Duncan Thorburn, Senior Investment Manager at Foresight Group, commented: “We are delighted to have completed the sale of ATL to Barnes Aerospace, delivering a strong return for Foresight’s investors and securing a strategic long-term partner for the business.

Throughout our investment, we have worked closely with ATL to invest in its people, leadership and specialist engineering capabilities and to strengthen the foundations of the business. Today, ATL has a highly differentiated range of repair, engineering and coating capabilities, an experienced workforce and long-standing relationships with customers operating across demanding end markets.

Barnes Aerospace is a highly credible strategic owner with a clear rationale for investing in ATL’s people and technical capabilities. We would like to thank Wayne Thomson, the management team and the wider ATL workforce for their commitment and contribution, and we wish them every success in the next stage of ATL’s development.”

Foresight invests in promising growing companies, providing equity or debt to meet the needs of founders, management teams and specialist lenders wherever they are on their journey. Foresight works with the growing companies it supports to enable founders and management teams to build resilient and prosperous companies to deliver strong economic returns and to have a positive impact on the societies in which they operate.