Permira, the private equity group, has started exclusive talks to acquire Survitec, the maker of life rafts, anti-G suits for helicopter and fighter pilots, and parachute oxygen systems, which is valued at about £300m.

Based in Dunmurry, Northern Ireland, Survitec traces its history back to the 1920s as part of Wardle Storey’s. But in recent years it has been owned by several private equity groups, including Alchemy Partners and more recently Montagu.