Leicester aerospace firm sold in private equity deal
A Leicester aerospace supplier has been acquired in a major private equity deal.
Darwin Private Equity has sold Bromford Holdings to Liberty Hall Capital Partners in an undisclosed deal.
The corporate finance industrial products team at PwC in the Midlands has acted as lead advisor to Darwin.
Liberty Hall is a private equity firm focused exclusively on investments in businesses serving the global aerospace and defence industry.
Formed in 2009 through the acquisition and rebranding of Hampson Aerospace Machining, Darwin has supported Midlands-based Bromford in making three bolt-on acquisitions.
During this time it has become a leading supplier of complex, close tolerance engine components, fabrications and assemblies together with landing gear components for the global aerospace and power generation industries.
Bromford operates manufacturing facilities located in Birmingham, Alcester and Leicester.
Bromford’s existing management team, led by Gary Lowe, CEO, will remain in their roles following the acquisition.
Mr Lowe said: “Liberty Hall offers unsurpassed expertise and knowledge of the global aerospace industry, making them an ideal partner for Bromford as we look towards the next stage of our growth.
“We are pleased to embark on this new partnership with Liberty Hall, while we continue to focus on offering the highest levels of quality and service, along with highly engineered solutions, to our global customers.”
Cara Haffey, Midlands’ industrial products partner and PwC’s UK head of industrial manufacturing, Midlands’ industrial products partner and PwC’s UK head of industrial manufacturing, said: “We are delighted to have supported Darwin Private Equity and the management team of Bromford, led by Gary Lowe, on this important transaction. The deal highlights the quality of businesses here in the Midlands in the aerospace supply chain.”
The Midlands hosts one of the world’s major aerospace clusters. It is home to 25% of the UK’s aerospace industry, as well as 7% of the sector in Europe and 3% globally. The industry supports more than 45,000 full time equivalent jobs in the region.
“In common with many Midlands aerospace suppliers, Bromford is well placed to capitalise on the significant growth potential offered by the current aerospace market dynamics. It has secured a number of major supply contracts with customers including GE, Messier-Buggatti-Dowty, Rolls Royce, Siemens and Snecma,” added Ms Haffey.
“This, together with the financial backing and expertise Liberty Hall is able to bring, means Gary and his team have an exciting opportunity for growth ahead.”
Travers Smith provided legal advice to Bromford Industries and Darwin. DLA Piper and Mazars provided advice to management. Legal advice was provided to Liberty Hall by Schulte Roth & Zabel and Ashurst.
