Liberty Hall Capital Partners, a private equity firm focused exclusively on investments in businesses serving the global aerospace and defence industry, has acquired Bromford Industries, a supplier of complex, close tolerance engine components, fabrications and assemblies and landing gear components for the global aerospace and power generation industries.
Bromford will serve as the foundational asset for Liberty Hall’s newest strategy to build a diversified engine component supplier to the global aerospace and power generation industries through organic investments and strategic acquisitions. Terms of the transaction have not been disclosed.
“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,” says Rowan Taylor, Liberty Hall’s founding Partner. “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. 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.”
Formed in 2009 through the acquisition of Hampson Aerospace Machining, Midlands-based Bromford is a leading supplier of complex, close tolerance engine components, fabrications and assemblies and landing gear components for the global aerospace and power generation industries. Bromford operates facilities located in Birmingham, Alcester and Leicester, UK. The company’s largest customers include GE, Messier-Buggatti-Dowty, Rolls Royce, Siemens and Snecma.
Bromford’s existing management team, led by Gary Lowe, CEO, will remain in their roles following the acquisition. “Liberty Hall offers unsurpassed expertise and knowledge of the global aerospace industry, making them an ideal partner for Bromford as we look towards the next stage of our growth,” says Lowe. “We are pleased to embark on this new partnership with Liberty Hall, while we continue to focus on offering the highest levels of quality and service, along with highly engineered solutions, to our global customers.”
Bromford Industries represents Liberty Hall’s third platform acquisition. In February 2016, Liberty Hall acquired AIM Aerospace, a leading, independent supplier of composite ducting, substructural and interiors parts for the commercial aerospace industry. Liberty Hall also formed Accurus Aerospace Corporation, a fully-integrated, highly diversified Tier II aerostructures supplier, in 2013. Since its formation, Accurus has completed three strategic acquisitions: Precise Machining & Manufacturing (2013), McCann Aerospace Machining (2014) and LaCroix Industries (2015). Since 2000, Liberty Hall’s principals have invested USD2.2 billion in equity capital in eleven platform and eight add-on acquisitions serving the aerospace and defence industry and complementary industrial end markets.
Financing for the acquisition was provided by Royal Bank of Scotland Asset Based Lending. Legal advice to Liberty Hall was provided by Schulte Roth & Zabel and Ashurst.
Bromford was advised by PwC Corporate Finance, Mazars, Travers Smith and DLA Piper.
