JUST two years after a management buy-out funded by private equity house WestBridge Capital, Aero Stanrew has won the Queen's Award for Enterprise.
The company, which designs and manufactures high integrity electromagnetic and electronic components and systems for the aerospace industry, received the award for its contribution to international trade after delivering 194 per cent growth in export earnings.
Since the MBO, the four-strong management team has grown the workforce by 35 per cent; developed new products; entered new markets; been adopted on more aircraft platforms; won contracts with blue chip customers including Rolls Royce, GE, UTC and Eaton; and grown turnover from £10.6 to £18.5 million.
Sandy Smart, chief investment officer at WestBridge Capital, said:
"Naturally, we're pleased to have backed such a great business. Clive and his team have worked tirelessly since the MBO to take advantage of all opportunities to grow the business.
"The global civil aerospace market is extremely active and Aero Stanrew fully intends to exploit all the opportunities this presents.
"The company also successfully targets other 'high reliability' markets such as oil and gas where it's already seen a 30 per cent growth over the past 12 months."
The citation for the Queen's Award for Enterprise credits Aero Stanrew for 'building upon its long standing success in the domestic market to develop international markets' and growing 'exports to India from zero to 48 per cent, to the USA from zero to 15 per cent and to China from zero to 10 per cent'.
Chief Executive Clive Scott who led the management buyout in 2012 said:
"This award caps an amazing couple of years for us. It's the highest accolade a UK business can get. Our mission is to be a British company that is recognised as a world leader in our field. We're thrilled.
"We're also extremely grateful to WestBridge Capital for having supported us through the MBO and since. They have proved to be an extremely good partner who have guided us very conscientiously."