Manufacturer Aero Stanrew has undergone an £8.5 million management buyout, as it focuses on carving out new growth in emerging overseas markets.

The four-strong management team, led by managing director Clive Scott, has acquired a majority stake in the Barnstaple company, which designs and manufacturer specialist electronic components for the global aerospace industry.

Mr Scott mounted the buyout with team members Chris Evans, Owen Rolfe and Peter Vaughan.

They were advised by Bristol-based Momentum Corporate Finance which led them to backer, Cardiff-based private equity firm WestBridge Fund Managers (WestBridge Capital). Exeter-based law firm Michelmores' corporate finance team – partner Richard Cobb, Annelie Carver and Emily Timmins – provided them with legal support.

Established in 1945, the majority of Aero Stanrew's 172-strong workforce, is based in Barnstaple, with around 25 employees working at its spin-out manufacturing facility in Tunisia.

The firm supplies complex electromagnetic modules and electronic systems to blue chip clients including Rolls Royce, GE, Goodrich and Thales, with Boeing and Airbus the primary end-users.

The components are used within systems ranging from a plane's engine and power control, through to the motors that open and close wing flaps.

Within the past decade, the company has doubled its turnover to achieve £10 million, last year.

Mr Scott said: "Although Aero Stanrew is already in a very strong position with a strong order book and recession resistant business model, this deal provides us with the opportunity to pursue ambitious plans for further growth.

"We are very well positioned within a new civil aircraft engineering programme which will generate new growth over the next few years and are also looking at export opportunities in North America and the Far East."

WestBridge Capital managing partner Guy Davies said: "We have already identified and agreed a number of key strategies for growing the business over the next few years.

"Emerging markets, particularly in the Far East, are expected to drive future growth in the global civil aerospace market and we fully intend to exploit all the opportunities this presents.

"Aero Stanrew will also extend its product range, enter new markets and the team will continue adopting a proactive approach to marketing and new business development. In fact, we've already got a number of exciting opportunities in our sights.

"Add to this, the fact that conservative estimates predict the production of 26,000 new passenger aircraft by 2029, and we see a very bright future indeed."

Momentum Corporate Finance partner Rob Crews added: "This deal illustrates perfectly why MBOs are still possible – an experienced management team with good visibility of future revenues in an exciting sector."

Michelmore's Richard Cobb said: "This is a really good example of a South West businses achieving an MBO in difficult times. We're finding banks are now interested in good quality deals."

Over the past year, Michelmore's has advised on Westcountry MBOs including that of financial claims management service EMCAS in Torquay, Plymouth-based print firm Latimer Trend.