Liberty Hall Builds Aero Platform

Bromford Industries, a portfolio company of Liberty Hall Capital Partners, has acquired Numet Machining Techniques from Kidd & Company.

Numet is a Tier 1 contract manufacturer of gas turbine engine parts that require complex geometries and exotic alloys including Waspaloy (a nickel-based superalloy), titanium, cobalt, and Inconel (a nickel-chromium-based superalloy).

The company’s top customers include Pratt & Whitney, General Electric, and the U.S. Department of Defense. Numet was founded in 1984 and operates a 40,000 sq. ft., state-of-the-art facility in Orange, CT. Kidd & Company acquired Numet in September 2011.

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 General Electric, Messier-Buggatti-Dowty, Rolls Royce, Siemens and Safran Aircraft Engines. The company, led by CEO Gary Lowe, operates facilities in three UK locations – Birmingham (headquarters), Alcester and Leicester (www.bromfordindustries.co.uk)

Bromford was acquired by Liberty in March 2016 from Darwin Private Equity as a platform to build a diversified aerospace engine component supplier. The buy of Numet is Bromford’s third add-on acquisition and follows the buys of AeroCision in March 2018 and Accrofab in June 2019. Accrofab is a Derby, UK-based maker of complex and machined engine bracketry sold to aerospace OEMs including Rolls Royce and PattonAir. AeroCision is a Chester, CT-based maker of complex engine components and assemblies sold to aerospace OEMs including Rolls Royce, General Electric and Honeywell.

“The acquisition of Numet marks a critical step in our overall plan of designing a ‘new’ Bromford as we transform the company into a leading, global supplier of aerospace engine machined and fabricated components and assemblies,” said Rowan Taylor, Liberty Hall’s founding and managing partner. With the buy of Numet, Bromford now has seven facilities in Birmingham (headquarters), Alcester, Derby and Leicester, UK; Orange and Chester, CT; and Bangalore, India.

“Over the course of our ownership, we have consistently expanded capabilities, extended our geographic presence, and strengthened and diversified Bromford’s customer relationships and aircraft platform exposure through a series of organic investments and strategic acquisitions,” said Jack Nadal, a partner at Liberty Hall.

Liberty Hall invests exclusively in businesses serving the aerospace and defense industry and complementary industrial end markets. The firm was founded in July 2011 and is headquartered in New York.

Financing for the acquisition was provided by Citizens Bank and Stellus Capital Management.

Lincoln International was the financial advisor to Numet and Kidd & Company.

© 2019 Private Equity Professional | November 13, 2019

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