London: Dubai International Capital LLC is exploring a sale of its British engineering group, Doncasters Group Ltd., according to people with knowledge of the situation.
Dubai International is working with advisers at Bank of America Corp., Credit Suisse Group AG and Goldman Sachs Group Inc. to seek potential buyers for the business, which could fetch more than €2 billion ($2.2 billion), the people said, asking not to be named because the deliberations are private. The discussions are at an early stage and a formal sale process hasn’t begun, the people said.
The private equity firm is closing down after restructuring $2.5 billion of debt, people familiar with the matter said in April. Dubai International’s management team had previously held talks to buy out the aerospace parts maker with financial backing from Blackstone Group LP and Goldman Sachs, among others, people familiar with the plan said last year.
Dubai International has held UK-based aerospace parts maker Doncasters for about a decade, since it acquired the business from Royal Bank of Scotland Group Plc in a deal valued at 700 million pounds ($923 million).
Representatives for Dubai International’s parent company Dubai Holding, Bank of America and Goldman Sachs declined to comment. A representative for Credit Suisse had no immediate comment.
