HAMPSHIRE space and aerospace technology specialist IGG Component Technology has been bought out for the second time in five years.
IGG provided key equipment for the recent high-profile Huygens probe to Saturn's moon Titan and has a long track record of parts
procurement, testing, management and engineering consultancy in the space sector.
The Fareham firm was the subject of a management buyout supported by 3i and HSBC Bank in 1999 in a £6m deal.
Now private equity provider Root Capital Limited has acquired 3i's £3.5m stake for an undisclosed sum.
Simon Philips of Root Capital said: "We believe that the prospects for the space sector look good and there are excellent opportunities to increase the company's penetration of the civil and defence aerospace industries".
IGG managing director Richard Matthews said: "We have enjoyed our association with 3I, who have been very supportive to us throughout the period since our original buyout, and we are grateful to them. Root Capital seem keen to assist us at a time when the demand for component procurement in the space sector seems set to rise sharply."
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