Catalyst Birmingham team advises on £144m sale of aerospace firm
DEALMAKERS from the Birmingham office of Catalyst Corporate Finance have advised the shareholders of aerospace components supplier Shimtech Industries Group on the $220m (£!44m) sale of the business to Auctus Industries.
Middlesex-based Shimtech is a specialist supplier of high-performance composite structures, assemblies and precision-engineered details to the global aerospace industry.
In particular, it is the largest manufacturer of aerospace shims and laminated shim material in the world and is also a leading producer of thermoset composite laminates and structures.
Under the ownership of London-based private equity firm Bridgepoint Development Capital and led by Shimtech CEO Howard Kimberley, the business has grown consistently, made successful acquisitions and remains set for further growth.
Following an unsolicited approach by Greater London-based Auctus Industries, Catalyst supported the shareholders to manage and drive negotiations with the buyer.
This included oversight of an extensive due diligence exercise and support concluding a complex, multi-jurisdiction legal and manufacturer approval process.
Auctus Industries completed the transaction with the backing of Inflexion Private Equity, Ares Capital Management and the Shimtech management team.
The successful outcome of the process delivers an exit for Bridgepoint and an “excellent return” on its original investment.
Bridgepoint Development Capital Partner Adrian Willetts said: “Shimtech has performed strongly during BDC’s period of ownership, consistently performing in line with its business plan and delivering the key strategic objectives identified at the time of our investment.”
Howard Kimberley, CEO of Shimtech, said: “This transaction marks the start of a new chapter for Shimtech.”
Andy Currie, managing partner at Catalyst, who led the transaction supported by Partner Jeremy Harrison, Emmet Keating and Tow Cowap, said: “It is a privilege to have advised on this high profile transaction.
“Shimtech is a world-class business led by an exceptional management team. I have no doubt that the business will go from strength-to-strength in the future.”
