Aerospace and defense focused Liberty Hall Capital Partners has acquired Bromford Industries from Darwin Private Equity. Darwin acquired Bromford in August 2009 from Hampson Industries.
Bromford Industries is a supplier of engine components, fabrications and assemblies and landing gear components that are used in the aerospace and power generation industries. The company’s largest customers include GE, Messier-Buggatti-Dowty, Rolls Royce, Siemens and Snecma. Bromford has 275 employees and annual revenues of approximately £30 million ($43 million). Bromford’s existing management team, led by Gary Lowe, CEO, will remain in their roles following the acquisition. The company operates facilities in three UK locations – Birmingham (headquarters), Alcester and Leicester (www.bromfordindustries.co.uk)
Liberty Hall plans to use Bromford as a platform investment in order to build a diversified engine component supplier to the aerospace and power generation industries through both organic growth and add-on acquisitions. “We look forward to Bromford creating significant strategic value by adding complementary capabilities, diversifying across customers and expanding content on the highest value platforms through organic investments and strategic acquisitions,” said Rowan Taylor, Liberty Hall’s founding Partner.
Liberty Hall Capital Partners invests exclusively in businesses serving the aerospace and defense industry. The firm was founded by Mr. Taylor in July 2011 and is headquartered in New York (www.libertyhallcapital.com).
“As the commercial aerospace industry continues to enjoy long-term secular growth, one of the highest growing segments of the industry is demand for next generation fuel efficient engines,” said Mr. Taylor. “Bromford is a leading supplier to this segment with an impressive roster of customers, differentiated capabilities and a proven history of customer service. Bromford represents an ideal platform from which to build a fully-integrated, diversified engine component supplier.
Bromford is Liberty Hall’s third platform acquisition. Last month, the firm acquired AIM Aerospace, a supplier of composite parts used in the commercial aerospace industry, for $200 million. In November 2013, Liberty Hall formed Accurus Aerospace, a fully-integrated Tier II aero-structures supplier. Since its formation, Accurus has completed three strategic acquisitions: Precise Machining & Manufacturing (2013), McCann Aerospace Machining (2014) and LaCroix Industries (2015).
Financing for the acquisition was provided by Royal Bank of Scotland Asset Based Lending. Bromford was advised by PwC Corporate Finance.
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 3-17-16
