Senior plc acquires Thermal Engineering

Commenting on the announcement Vardhan Rajkumar, outgoing chairman of Thermal said: “The acquisition by Senior offers Thermal a unique opportunity to continue to deliver growth and operate largely as it has done over the past three years, whilst benefiting from being part of a larger group. I am confident that it will grow from strength to strength as part of Senior.   “My time at Thermal has been thoroughly rewarding, and I look forward to continuing to work with Steve, and the rest of the team at Privet, as we look for further opportunities within the sector.” Commenting on the announcement Steve Keating, founder of Privet Capital said: “The short time frame in which we have been able to successfully turn round the performance at Thermal underlines the capability of the team here at Privet, and provides a strong endorsement of our philosophy of arranging capital investment for companies experiencing financial stress. It is particularly pleasing that we have been able to both create and realise value, in spite of the challenging economic conditions of the last three years. “The experience gained at Thermal, and the funds obtained from its sale, will provide Privet with the foundations to recreate these successes at other opportunities within the aerospace and manufacturing sectors.” www.thermalengineering.co.uk www.privetcapital.co.uk www.seniorplc.com