Private equity group 4D Capital Partners has acquired Britten-Norman for an undisclosed amount with the promise of fresh investment in the UK aircraft manufacturer. Britten-Norman produces the Islander family of turboprop and piston utility aircraft, as well as a military variant called the Defender 4000.
The deal confirmed on Friday was closed after administrators were appointed on March 21 to handle the sale of 100 percent of the share capital in the newly incorporated Britten-Norman Aerospace Ltd to Shelton Bidco Ltd, which is an investment vehicle set up by 4D Capital. The group, which includes the B-N Group, Britten-Norman Ltd, Britten-Norman Aircraft, BN Defence, and BN Daedalus, has production, engineering, and maintenance facilities at Bembridge on the Isle of Wight in southern England, as well as at Lee-on-Solent and Southampton. It employs 170 people at these sites.
In September, Britten-Norman re-opened the Islander production line at Bembridge after deciding to bring manufacturing back to the UK, having previously built the aircraft in Romania for many years. In late February, Britten-Norman confirmed it had initiated a search for new investors to secure the company's future.
CEO William Hynett told AIN that during a three-month search for new investors most work on completing the first UK-built aircraft, with all the associated regulatory compliance, had been suspended in order to conserve cash flow. The company is now aiming to achieve an initial production rate of four aircraft in the first year, scaling up to six next year and to a minimum of eight in 2026.
"We're discussing with the new investors whether this [production] rate is enough," Hynett said. Britten-Norman currently holds letters of intent for between 30 and 40 Islanders, and it now hopes to be able to firm up these agreements and start collecting deposits. There are hundreds of Islanders in service worldwide, with an average age of 42 years, which Hynett said makes for a promising fleet renewal market.
Last year, Britten-Norman and Cranfield Aerospace Solutions announced plans to merge to jointly pursue a project to produce hydrogen-powered versions of the nine-passenger Islander. Hynett told AIN Britten-Norman's new owners will now reassess this partnership as "medium-term product development" is now a lower priority than scaling up production and deliveries of the current Islander.
Cranfield Aerospace Solutions said it welcomes Britten-Norman's efforts to build up production of the Islander and that it remains optimistic about applying its new propulsion technology to the Islander. "This optimism is shared by both current Britten-Norman customers and prospective operators who collectively have signed letters of intent for over 100 propulsion systems," a spokeswoman told AIN. "We are proceeding with the development towards a supplemental type certificate that will enable the conversion of aircraft both old and new."
The company has indicated that the hydrogen powertrain could be applied to other airframes. It has a separate partnership with uncrewed aircraft systems manufacturer Dronamics.
This story was updated on March 27 with further information about Britten-Norman's plans under new ownership.