PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

Stirling Square sells Microtecnica to Goodrich

Private equity firm Stirling Square Capital Partners has signed an agreement to sell Microtecnica S.r.l. to Goodrich Corporation (NYSE:GR), a supplier of systems and services to aerospace, defence and homeland security markets, subject to regulatory approvals.

Microtecnica is one of the world’s largest independent providers of highly engineered flight critical components to the global aerospace and defence market. The company designs and manufactures a range of components and sub-systems, primarily involved in flight actuation (the movement of flaps and other control surfaces), and thermal control systems for fixed wing and rotary aircraft.
 
Founded in Northern Italy in 1929, Microtecnica operates three facilities in Italy and an R&D office in the UK. At the time of the acquisition by Stirling Square, the management team, led by Chief Executive Alan Bean, was strengthened with a number key hires, including the appointment of Roberto Assereto as Chief Operating Officer and Roberto Hofmann as Chief Financial Officer.
 
Since Stirling Square acquired Microtecnica, annual capital expenditure was doubled and an extensive operational re-engineering programme was implemented, radically improving on-time delivery and positioning Microtecnica as a market leader for product quality and service levels. Annual R&D expenditure was also increased to levels well above that of prior years, resulting in a number of new programme wins, including the flap actuators for the next generation Mitsubishi Regional Jet and environmental control systems for the Saab Gripen Fighter Jet.
 
Under Stirling Square ownership Microtecnica revenue has grown 27% and EBITDA has trebled.
 
Stefano Bonfiglio, a Partner at Stirling Square, says: “We’re proud to have delivered impressive growth for Microtecnica, driven through investment in people, capex and R&D, to achieve the targeted levels of operational improvement. The company has grown to a position of strength over the past three years which is testament to the dedication of the management team and Stirling Square’s value creation expertise.
 
Microtecnica is highly representative of our core investment strategy which is to target companies with unique capabilities and long term defensible market positions that offer potential for transformational change. I’d like to thank everyone we’ve worked with at the business over the past few years and wish them the very best for future success.”
 
Alan Bean, CEO of Microtecnica, says: “Stirling Square has provided critical support, throughout the management buyout in 2008 and beyond. We have been able to invest in and change the company, resulting in improved operational performance, and positioning the company for success. I look forward to working with Goodrich to build on the achievements of the past three years.”

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured