Duke Street's partial exit reaps 9x EBITDA

Exact figures on the trade sale remain undisclosed, but the multiple achieved is close to 9x EBITDA.

Although the company grew successfully under its ownership, Duke Street decided to sell ATS Sferic to focus on its core divisions: power generation, automotive and aerospace.

Marle International was interested in acquiring ATS Sferic to expand its range of capabilities in the implant contract manufacturing business.

Previous funding
Duke Street Capital acquired Deloro Stellite in 2006 from Vision Capital, a deal thought to be valued in the £100-250m range. John Harper and Corrine Philipps led the SBO for Duke Street.

Company
ATS Sferic is a group of companies specialising in the casting and machining of knee and shoulder implants, as well as other orthopaedic instruments. The company's main site is located in Alès (south of France) and covers 5,800m2, while its headquarters are in the north. ATS Sferic has 120 employees in Alès and 93 working at HQ.

The company benefitted from Deloro Stellite's experience in alloys and superalloys.

People
Andy Caffyn is CEO of Deloro Stellite. Antonio Gil is president of Marle International.  Partner Charlie Troup and investment director Jason Lawford worked on the transaction for Duke Street Capital.

Advisers
Vendors: Lazard & Co Limited (Corporate finance), SJ Berwin (Legal).

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