Friday, 13 May 2016

AAC Capital said to consider £100 million plus sale of Dunlop Aviation Tyres

The former buy-out arm of ABN Amro is weighing a £100 million plus sale of one of Britain's oldest manufacturing businesses.

City sources said AAC Capital, which used to be part of Dutch bank ABN Amro, asked corporate finance advisers to pitch for a sell side mandate a couple of years ago but up until now the private equity firm has waited for the right moment to begin the sale process.

According to one source, corporate financiers from NM Rothschild have now been picked to run an auction of the business, which may take place later this year. AAC Capital declined to comment.

Bankers reckon the company could be worth between £100 million and £150 million.

Dunlop Aircraft Tyres supplied the wartime Spitfire fleet and is the last part of the former Dunlop Rubber company operating at the Fort Dunlop site in Birmingham.

Last year the Financial Times reported that Dunlop Aircraft Tyres was working on one of its biggest orders - to supply tyres for the Boeing C-17 Globetrotter III military transport aircraft used by the US and UK military.

Here is the link to last year's FT piece on the company which has plenty of detail and colour about the business:

http://www.ft.com/cms/s/0/347d3f40-5317-11e5-8642-453585f2cfcd.html#axzz48IDjmNx4

I guess the Chinese could be interested in Dunlop Aircraft Tyres given China has been pursuing large deals in the tyre manufacturing industry, such as Pirelli. However, there may "political issues" with regards to a sale of Dunlop Aviation Tyres to China Inc.

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