AN aircraft parts maker is plotting new growth after receiving fresh backing.

Investor Baird Capital has revealed its support for CAV Ice Protection and CAV Advanced Technologies (CAV), headquartered in Consett, County Durham.

Bosses say the move provides scope to drive new innovation at the firm, which designs and manufactures components for aircraft makers such as Airbus and Boeing.

The move also comes after a restructuring operation saw the business and its assets bought by Northern Aerospace Limited, an operation within the same group, which officials say secured hundreds of jobs.

CAV is known for its ice protection apparatus, which acts as an antifreeze to protect planes from cold weather, with its technology division supplying laser perforated parts for the aviation sector.

Under the terms of the deal, Baird managing directors James Benfield and Dennis Hall will join CAV’s board.

Owen McFarlane, CAV chief executive, confirmed the business’ plans to expand now Baird has come on board.

He said: “We are excited to work alongside Baird Capital.

“Their global resources and expertise will be valuable as we focus on driving future innovation and growth.”

Echoing the positivity, Mr Benfield said he was looking forward to watching CAV evolve over the coming years.

He added: “CAV’s leading position in ice protection and drag reduction has established the company as an aviation and aerospace industry technology leader.

“Our investment and global resources will help drive key products and accelerate CAV’s further penetration of the market.”

The deal was supported by PWC, which acted as lead adviser to existing shareholders and provided financial and tax due diligence, while Newcastle-based law firm Muckle advised shareholders on legal aspects of the agreement.

Paul Mankin, PWC corporate finance partner, said: “We are delighted to have been able to facilitate the investment.”

CAV previously received a £1.4m Government grant through the Regional Growth Fund, which, at the time, officials said would create nearly 80 jobs and secure another 105.

The announcement, back in 2013, saw then Deputy Prime Minister Nick Clegg visit the company's Consett base.