LONDON (July 7)—British equity fund manager Doughty Hanson & Co. has agreed to sell Dunlop Standard Aerospace Group to a consortium of Meggitt P.L.C. of the United Kingdom and global private equity firm Carlyle Group for $1.45 billion.
Dunlop Standard Aerospace includes Dunlop Aerospace Precision Rubber, a maker of elastomeric seals for airframes and engines.
Doughty Hanson, one of the largest independent private equity firms in Europe, acquired the business from BTR P.L.C. in October 1998 for $855 million. Under Doughty Hanson's ownership, sales grew to $744 million in 2003 from $482 million in 1998.
The transaction is expected to close in August.
Upon closing of the sale, Meggitt will take control of Dunlop Aerospace Design and Manufacturing Division while Carlyle Group will take Standard Aero Engine Maintenance, Repair and Overhaul Division, which includes Dunlop Aerospace Precision Rubber.