Activa's Mecadaq acquires US-based Hirschler Manufacturing

Greg Gille
18 May 2018

Tweet
Facebook
LinkedIn
Google plus
Send to

Activa Capital-backed aircraft component manufacturer Mecadaq has acquired Hirschler Manufacturing, a US-based hard-metal machining business.

Activa injected additional capital into Mecadaq to finance the acquisition, Unquote understands. Societe Generale also provided debt financing.

Following the deal, Hirschler will integrate Mecadaq's production activities located in California.

This is the third build-up for Mecadaq in the space of two years: the company acquired French high-precision machining business Armoa in September last year, and Marignier, a French gear manufacturer, in August 2016.

The Hirschler bolt-on brings its consolidated revenues to nearly €60m and staff to 300 employees, according to Activa. Partner Benjamin Moreau stated that the latest transaction allowed Mecadaq to reach in the space of two and a half years the level of turnover the GP had initially expected to see in five years.

Activa acquired Mecadaq in January 2016 via its Activa Capital III fund, which reached its final close on €220m in October 2015.

Company
Based near Seattle, Washington, Hirschler produces high-precision mechanical parts made from hard metals such as titanium, stainless steel, and inconel. Its aerospace clients include Spirit AeroSystems, Mitsubishi Heavy Industries and Boeing. It generates a €9m turnover.

People
Activa Capital – Benjamin Moreau, Christophe Parier (partners); David Quatrepoint (manager).

Advisers
Equity – PwC, Andrew Miller, Lisa Jackson (financial due diligence, tax); Drinker Biddle & Reath, Luc Attlan, Rémy Nshimiyimana (legal); ERM, Gary Walters (environmental due diligence); Hoche, Grine Lahreche, Christophe Bornes (legal); DC Advisory, Alexis Baron (corporate finance); Aero Invest Consulting, Alinh Hoang (commercial due diligence).