Final piece of Laird empire sold to US private equity giant Advent International for £1 billion

British stalwart Laird has today been snapped up by Boston private-equity giant Advent International for £1 billion.

The firm is now best known for making the “shark-fin” antennas on the top of cars for a wireless connection.

Shareholders will receive 200p in cash for each Laird share held, a whopping 72.6% premium on its closing share price last night and a significant return for a firm which has been struggling in recent years.

Laird recommended the deal to investors.

The technology company started life in 1824 as an ironworks in Liverpool and later moved into shipbuilding, including building HMS Ark Royal in 1981.

Two years ago it issued a thumping profit warning after production problems and delayed demand from its largest customer Apple.

This was followed, in February 2017, by a £185 million rights issue as the group battled to get its debt under control.

Today it revealed a 17% increase in revenue to £936.6 million and profits of £57.7 million, up from a £122.3 million loss the year before.

Laird, which has 10,000 staff worldwide, said the deal is expected to be closed by the third quarter, adding that major shareholders had already been “sounded out”. Its three major investors are Artemis, JO Hambro and Dimensional. The deal also requires clearance from regulatory authorities in China, the EU and the US.

Tony Quinlan, chief executive, said: “Today’s announcement is the result of several weeks’ work and the offer represents excellent value for shareholders. The company has a proud history going back 200 years, including making ships for the Royal Navy.”

Advent itself has plenty of history taking British-listed firms private. In 2016, it bought industrial parts maker Brammer for £221.5 million.

Former Laird chief David Lockwood said: “If you’re going to go into a PE mode then Advent is a good buyer. They invest and grow to make their model work rather than asset strip.”

The shares shot 84p up to 199.5p.