Norman Hay makes US acquisition in Clearwater-advised deal
MIDLAND-based chemicals and surface coatings business Norman Hay has acquired a US chemicals manufacturer in an undisclosed deal advised out of Birmingham.
SIFCO-Applied Surface Concepts is a subsidiary of US giant SIFCO Industries. The company, based in Cleveland, Ohio, is one of the world’s largest manufacturer and suppliers of process equipment and associated chemicals for selective electroplating and anodising. It has other operations across the US and Europe, including the UK, Sweden and France.
Advising Norman Hay on the deal was the Birmingham-based chemicals team of Clearwater Corporate Finance. The team comprised partners Philip Nuttall and Constantine Biller and Director Nick Horrocks.
Mr Nuttall, partner and joint head of the chemicals sector team, said: “This strategic acquisition allows Norman Hay to expand its services into new international markets and sectors. The company will be strengthened by SIFCO-ASC’s contracts in Europe and North America, and there is great potential for future growth.”
SIFCO-ASC supplies many of the world’s leading aerospace, oil and gas and power generation businesses by helping to improve component performance and reduce manufacturing costs.
Coventry-based Norman Hay is a global chemicals, sealant, surface coatings and engineering specialist that has been trading for more than 60 years. The deal expands its worldwide surface technology business.
Vic Bellanti, chief executive of Norman Hay, said: “This is an excellent acquisition for us and fits into our strategic plan to expand the Norman Hay Group internationally into areas that have a clear synergy with our existing businesses. The SIFCO-ASC business will benefit greatly from our Surface Technology contacts and locations both in the UK and overseas and we are excited about opportunities that we have already identified for its future growth.”
Norman Hay now plans to develop further the SIFCO-ASC brand in locations where the Coventry group is already active.
