Wolverhampton-based aero engineer Hampson Industries is to ease its debt problems with the sale of four of its Shims businesses in the United States to investment firm Bridgeport Development Capital in a deal worth £51.3 million.
Round-up of today’s M&A deals
Wolverhampton-based aero engineer Hampson Industries is to ease its debt problems with the sale of four of its Shims businesses in the United States to investment firm Bridgeport Development Capital in a deal worth £51.3 million.
The businesses make components supplied to the commercial and military aerospace markets.
The four businesses being sold are within its aerospace components and structures division and comprise Lamsco West, Bolsan Company, Attewell and the business of Pillar Seals and Gaskets, carried on by Attewell.
Lloyds Bank in Birmingham supplied senior debt and working capital facilities for the acquisition.
Chris Geoghegan, chairman of Hampson, says that the sale of the subsidiaries will strengthen the company’s position.
He adds: ‘With this stronger financial platform, Hampson will be better positioned to take advantage of the growth opportunities created by the long-term trend of increasing composites usage in the aerospace industry.
‘The board is confident that the strategic path taken by the group to focus on advanced composite technologies and to create a global leader in the market for large, high precision tooling systems, in combination with the on-going operational improvement initiatives across the group, is laying the foundations for improved results over the medium to longer term.”
Bridgepoint was advised by CSP, Steen Associates, PwC, Deloitte, Wragge & Co, Drinker Biddle, Marsh and ERM. Pinsents provided legal advice. Hampson Industries was assisted by corporate finance company Lazard and law firm Eversheds.
Following the disposal, the Group will continue its strategic focus on high precision tooling systems and advanced composite technologies which the Board considers to have attractive long-term growth prospects.
Round-up of today’s M&A deals
- Jamaican mobile networks, Digicel and Claro (owned by wireless service provider América Móvil) are set to merge
Value: undisclosed
Advisers: undisclosed
Read more
- Salesforce.com acquires SaaS encryption provider Navajo Systems
Value: £18.4 million
Advisers: undisclosed
- Total Energie Developpement, a unit of French oil major Total SA, acquires control of solar energy company Tenesol
Value: undisclosed
Advisers: undisclosed
Read more
