Private equity investor AE Industrial Partners has signed an agreement to acquire Belcan Corporation (Belcan), an engineering services and technical staffing provider in the aerospace, power generation and industrial markets.
Terms of the transaction, which is expected to close by the third quarter of 2015, have not been disclosed.
BelFlex Staffing Network, Belcan’s light industrial staffing subsidiary, is not included in the transaction.
Belcan is headquartered in Cincinnati, Ohio and has been family-owned since its founding in 1958. Belcan has more than 6,000 employees in 49 locations, including 26 engineering design centres and 23 TechServices locations, serving more than 600 active clients globally.
“Belcan is a world-class operation and the preeminent engineering services business in the jet engine marketplace. AEI has first-hand experience with Belcan’s capabilities and reputation within the 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,” says David H Rowe, Managing Partner of AEI. “Looking ahead, we are excited to work with Belcan’s strong senior management and exceptional global teams on a number of exciting growth opportunities.”
“Within Belcan’s core markets, AEI has extensive relationships and experience which will be key in identifying ways to better serve our customers’ engineering needs,” says Lance Kwasniewski, President of Belcan. “Belcan’s management team is excited to partner with AEI, and we are confident that this transaction benefits our employees and clients. AEI shares the business philosophy and core values established by our founder, Ralph G. Anderson, and carried on by his successors. With AEI, we will continue to deliver the high performance engineering solutions that have made Belcan the most trusted engineering firm in the world.”
“Our family has guided Belcan through nearly 60 years of growth and success,” says 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.”
