Partner Article

Durham-based aviation ice protection firm backed by Baird Capital

A Durham manufacturer of aviation ice protection systems has landed ‘significant’ investment from Baird Capital, the direct investment arm of Robert W. Baird & Co.

Consett-headquartered CAV Ice Protection Limited, which provides of ice protection and drag reduction technology to aviation markets worldwide, will use the capital to further innovate its business.

As part of the transaction Baird Capital Managing Directors James Benfield and Dennis Hall will join the CAV board of directors.

PwC, in addition to being lead advisers to the existing shareholders, provided vendor financial and tax due diligence and financial modelling advice to CAV and top up finance due diligence and tax advice to Baird Capital.

The PwC teams were led by Paul Mankin, Will Oxley, Paul Cooper, Dan Stott, and Nick Hatton.

Newcastle based Muckle LLP, advised the shareholders on the legal aspects of the transaction. The team was led by Philip Clare and included Sarah Forster, Stephanie Brown, Louise Duffy, Zoe Ditch, Gail Bennett, Claire Naughten, Lisa Kelly and Anthony Coultas.

James Benfield, Baird Capital Managing Director, said, “CAV’s leading positions in ice protection and drag reduction have established the company as an aviation and aerospace industry technology leader. Our investment and global resources will help drive key product initiatives and accelerate CAV’s further penetration of the aviation and aerospace market”

Owen McFarlane, CAV, CEO said, “We are excited to work alongside Baird Capital. Their global resources and expertise will be valuable as we focus on driving future innovation and growth.”

Paul Mankin, Corporate Finance Partner at PwC commented, “We are delighted to have been able to facilitate the investment in CAV by Baird Capital which will ensure the business continues to drive its growth and innovation strategy forward cementing their leading market position”.

Philip Clare, Partner at Muckle LLP said “It has been great to work with Owen and the other shareholders on this deal. We have advised the businesses for a long time and look forward to seeing what the future holds following this investment.”

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