A team from UK law firm Addleshaw Goddard has advised mid market private equity house Dunedin and the management of Fernau Avionics on the sale of Fernau to Moog Controls Limited, a subsidiary of US listed Moog Inc for £32 million.

Head of private equity Andrew Carpenter commented: "Even in the currently depressed M&A market, this deal clearly demonstrates that a high quality business with world leading technology can still attract a premium price. The business has seen significant growth since Dunedin’s original investment in May 2007, with sales doubling from £10 million to an expected £20 million in the current year."

Founded in 1970, Fernau is a world leading designer and manufacturer of navigational aids to the global aviation market, supplying the civil and military aviation markets in the UK, Europe, North America and the Far East. In addition to the design and manufacture of navigational aids, Fernau provides associated services including site survey, installation, system commissioning, training, spares and repairs, and logistics support.

The team from Addleshaw Goddard was led by Andrew Carpenter, with Andrew Forsyth, Kate Featherstone (tax) and Marisa Abrahams.

Andrew Carpenter added: "We have a longstanding relationship with Dunedin, and we look forward to working with them on many other similarly successful deals as Fernau."

Addleshaw Goddard's 40-plus strong private equity team is one of the largest UK teams active in the mid and upper-mid market leveraged buy-out, venture and development capital sectors. The team acts for many of the private equity houses, as well as advising management teams and bank funders of private equity transactions.