AEI Continues Belcan Build
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AEI Continues Belcan Build

Belcan, a portfolio company of AE Industrial Partners since June 2015, has acquired Sitec Design and Sitec Recruitment (together “Sitec”).

Sitec is a provider of engineering services and technical recruitment services to aerospace, defense, nuclear, and industrial customers in the UK and Europe. Customers of the company include Airbus, BAE, Leonardo and Rolls-Royce. Sitec is headquartered near Bristol in Filton, UK (www.sitecgroup.com).

“Sitec has been a family-owned business since its founding in 1951 by Len Medlock, and we have spent many months looking for the right team to take over the reins and lead the company in its next stage of growth,” said David Medlock, chairman of Sitec. “The directors of Sitec believe we have found the perfect partner in Belcan, and we look forward to enhanced opportunities as we remain dedicated to providing our customers with first-class services.”

Belcan is a provider of engineering, supply chain, technical recruiting, and IT services to companies that operate in the aerospace, defense, automotive, industrial, and government sectors. The company is led by CEO Lance Kwasniewski and has more than 6,000 employees in 49 locations, including 26 engineering design centers and 23 technical services locations. Belcan is headquartered in Cincinnati (www.belcan.com).

“The acquisition of Sitec represents significant progress for Belcan’s global strategy, strengthening our international reach and bringing additional engineering capability and experience,” said Mr. Kwasniewski. “Sitec, in combination with our existing UK and European business, provides extended breadth and technical depth of resources to serve our growing global customer base.”

AEI invests in the aerospace & defense, 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. The firm is headquartered in Boca Raton (www.aeroequity.com).

Lincoln International (www.lincolninternational.com) was the financial advisor to Sitec and PricewaterhouseCoopers (www.pwc.com) was the financial advisor to AEI.

© 2019 Private Equity Professional | February 4, 2019

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