Mon, 09 May 2011 | BUSINESS SALE
PricewaterhouseCoopers has been brought in to act as adviser in the sale process of defence engineering company WFEL.
WFEL designs, makes and refurbishes military bridges which are used by soldiers to cross rivers and ravines in conflict zones in countries such as Iraq and Afghanistan, and in rescue operations in places hit by natural disasters.
The bridges are used by soldiers across the globe, are up to 40 metres in length and can be assembled by eight soldiers in 90 minutes.
“It’s a great company and is sure to attract a lot of interest. The sale price will depend to a large extent on the business WFEL wins over the next year or so. Although advisers have been appointed, it’s unlikely there will be a deal until summer next year,” an unnamed source revealed.
Its private equity owners, Dunedin Capital Partners, supported a £48 million buy-out of the company in 2006.
The Stockport-based business was established as the Fairey Aviation Company in 1915 and built long-range bombers. Since the 1970s it has focused on military bridges.
WFEL Limited posted revenues of £34.78 million for the year ending 31 December 2010 with profits of £4.28 million.
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