Aerospace acquisition

Aerospace acquisition


Senior plc (“Senior”) is pleased to announce that it has acquired 100% of the issued share capital of Senior Aerospace Thermal Engineering (“Thermal”) from Privet Capital and a number of associated individual shareholders.

Thermal is an aerospace components manufacturer, supplying global aero-engine and
airframe OEM’s and their Tier 1 suppliers. Located in Royston, Hertfordshire, Thermal
specialises in manufacturing hot and cold formed components, complex fabricated
assemblies and thermal insulation heat shields and systems.

The total consideration, paid in cash at completion and funded through the utilisation of
existing cash and debt facilities, was £28.3m, including the repayment of £6.5m of debt in
the business at acquisition.

For the ten months to the end of October 2013, Thermal’s unaudited management accounts
show sales of £14.5m, normalised profit before interest, tax and depreciation of £2.2m and
gross assets of £11.7m. The acquisition is expected to be immediately earnings enhancing.

The company employs 240 people and the existing management team will continue to
manage the business, which will operate within Senior’s Aerospace Fluid Systems Division.

Commenting on the acquisition, Mark Rollins, Senior’s Group Chief Executive, said:

“I am very pleased to announce the acquisition of Thermal and to welcome all of its
employees to the Senior Group. Thermal represents an excellent addition to Senior’s
Aerospace Fluid Systems Division, providing additional capability to the Group in the areas
of Hot Forming and Insulation. Thermal’s capabilities, combined with Senior’s wider market
access and financial strength and the current healthy commercial aerospace markets, are
expected to further enhance the future growth prospects for the Senior Group.”

About Senior
Senior is an international manufacturing group with operations in 13 countries. It is listed on
the main market of the London Stock Exchange (symbol SNR). Senior designs,
manufactures and markets high technology components and systems for the principal
original equipment producers in the worldwide aerospace, defence, land vehicle and energy
markets. Further information on Senior plc may be found at: