PE firm Cerberus nearing takeover of Goodwin defence unit - FT

New York-based private equity firm Cerberus Capital Management LP is close to a £1 billion agreement to acquire the defence unit of Goodwin PLC, the Financial Times reported on Tuesday.

Shares in the Stoke-on-Trent, Staffordshire-based mechanical and refractory engineering company closed down 19% at 16,197.00 pence in London on Tuesday, bringing its market capitalization to £1.22 billion. Shares are down 25% this year.

Cerberus, founded by billionaire and current US defence official Stephen Feinberg, could reach a deal this week, people familiar with the matter told the FT.

Cerberus has around USD70 billion in assets across strategies such as credit, private equity and real estate.

Sources cautioned that talks could shift and a sale has not been finalised. The assets involved in such a transaction could bring forth both US and UK regulatory scrutiny, complicating any potential agreement.

Goodwin had attracted interest from several buyout firms earlier this summer. The company is engaged in a strategic review to sell a significant part of its mechanical engineering division, which includes several assets, including Goodwin Steel Castings, Goodwin International, Noreva, Easat and Pumps.

Along with making components for UK nuclear submarines, Goodwin supplies US Virginia- and Columbia-class submarines as well as guided-missile destroyers and the Gerald R Ford-class aircraft carrier.

Goodwin and Cerberus declined to respond to the FT's request for comment.

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