AE Industrial Partners has signed an agreement to acquire Belcan Corporation, a provider of engineering services and technical staffing. The transaction is expected to close by the third quarter of 2015.
Belcan is a provider of engineering services and technical staffing to the aerospace, power generation and industrial markets. The company has more than 6,000 employees in 49 locations, including 26 engineering design centers and 23 TechServices locations. Belcan is headquartered in Cincinnati and has been family-owned since its founding in 1958 (www.belcancorporation.com).
AE Industrial Partners (AEI) invests in the aerospace, power generation and specialty industrial sectors with a specific focus on technical manufacturing, distribution and supply chain management, MRO (maintenance, repair and overhaul) and industrial service-based businesses. Typical company targets will have from $50 million to $500 million of revenue. AEI and The Carlyle Group, through the Carlyle Equity Opportunity Fund, have a partnership agreement to invest in the aerospace and industrial gas turbine markets. AEI is headquartered in Boca Raton (www.aeroequity.com).
“AEI has first-hand experience with Belcan’s capabilities and reputation within large original equipment manufacturers, so we have a special appreciation not only for the company’s unique niche in the propulsion industry but also for its highly attractive growth potential in related markets,” said David Rowe, Managing Partner of AEI.
“Our family has guided Belcan through nearly 60 years of growth and success,” said Candace McCaw, Chairman of Belcan. “I believe that AEI will not only continue the legacy that has made Belcan the company it is today, but will also lead the company forward on a strategic path to a successful future.”
BelFlex Staffing Network, Belcan’s light industrial staffing subsidiary, is not included in the transaction and will continue to be owned and operated by the McCaw family. “We launched BelFlex as a separate, sister company to Belcan early in 2014 to focus on the light industrial staffing market,” said Michael McCaw, CEO of BelFlex. “Our family is now excited to place our focus and resources on growing BelFlex into an industry leader.”
Kirkland & Ellis served as legal advisor and PricewaterhouseCoopers served as financial advisor to AE Industrial Partners.
© 2015 PEPD • Private Equity’s Leading News Magazine • 6-9-15
