Dundee specialist acquisition delivers 3.1x return for Foresight
Foresight Group has announced the successful sale of ATL Turbine Services to Barnes Aerospace. The transaction, announced from Edinburgh on 5 October 2026, involves the Dundee-based specialist in the repair and refurbishment of gas-turbine components. Foresight stated that the transaction delivers a 3.1x return on total invested capital for Foresight VCT and Foresight Enterprise VCT, or 3.1x invested capital for Foresight’s VCTs, including proceeds previously returned during the investment period.
ATL Turbine Services, located in Dundee, Scotland, is a specialist engineering business that provides maintenance, repair, and overhaul services for components used in high-specification aerospace, defence, marine, and industrial gas-turbine engines. The company combines component assessment, engineering, machining, heat treatment, repair, and specialist coating capabilities at a single site. Barnes Aerospace is described as a global provider of component engineering, manufacturing, and repair solutions for the aerospace industry.
Foresight initially invested in ATL in June 2013. During its investment period, Foresight provided both capital and strategic support to the business, working with management to strengthen ATL’s leadership, operational capabilities, and governance. Foresight supported investment into critical plant and equipment, the strengthening of the senior leadership team and financial control environment, and initiatives to enhance customer relationships and operational delivery. Governance was also strengthened through active Board representation and the appointment of an independent Chair.
The acquisition establishes Barnes Aerospace’s first dedicated component repair and overhaul presence in Europe, adding ATL’s established repair, assessment, coating, and engineering capabilities to its existing global repair network. Barnes Aerospace stated that ATL Turbine Services strengthens its global repair network with specialized turbine component repair capabilities that will serve as a platform for growth across Europe. The combination creates opportunities to broaden the repair solutions available to customers and support the continued development of ATL’s capabilities in Scotland.
Wayne Thomson, Operations Director of ATL Turbine Services, said: “Joining Barnes Aerospace represents an important next chapter for ATL. Foresight has been a supportive partner to the business, helping us invest in our people, capabilities and operational platform and positioning ATL for long-term success. Barnes shares our focus on engineering expertise, quality and responsive customer support. Combining ATL’s specialist repair and coating capabilities with Barnes Aerospace’s broader global network creates an exciting platform from which to invest in our people, expand our customer offering and pursue further growth from our base in Dundee.”
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Duncan Thorburn, Senior Investment Manager at Foresight Group, commented: “We are delighted to have completed the sale of ATL to Barnes Aerospace, delivering a strong return for Foresight’s investors and securing a strategic long-term partner for the business. Throughout our investment, we have worked closely with ATL to invest in its people, leadership and specialist engineering capabilities and to strengthen the foundations of the business.
“Today, ATL has a highly differentiated range of repair, engineering and coating capabilities, an experienced workforce and long-standing relationships with customers operating across demanding end markets. Barnes Aerospace is a highly credible strategic owner with a clear rationale for investing in ATL’s people and technical capabilities. We would like to thank Wayne Thomson, the management team and the wider ATL workforce for their commitment and contribution, and we wish them every success in the next stage of ATL’s development.”
