A Lanarkshire-based engineering contractor has sold its aerospace systems and mechanical design consultancy businesses to a management buy-out team. 

Motherwell Bridge sold MB Aerospace and MB Faber to two of its directors for an undisclosed sum.

The buy-out was led by Craig Gallagher, MB Aerospace’s managing director, and head of finance Gordon Kerr. The duo formed MB Aerospace Holdings to complete the deal.

Motherwell Bridge, which was bought by its management in September, sold MB Aerospace and MB Faber to concentrate on its international oil and gas interests.

The deal was backed by private equity firm Lloyds TSB Development Capital, which has taken a majority stake in the business. The transaction was supported by senior debt provided by The Royal Bank of Scotland.

MB Aerospace employs more than 110 people in Motherwell and Burnley manufacturing, testing and assembling defence and commercial aerospace systems and components.

MB Faber, which is based in Leyland, Lancashire, is a mechanical and electrical engineering design specialist. The company’s 75 employees serve businesses in the aerospace, nuclear, automotive and general engineering sectors.