Bridgepoint acquires four businesses from Hampson
Bridgepoint Development Capital (BDC) has acquired four businesses from Hampson Industries’ Aerospace Components & Structures division for $84m.
The acquired businesses are Lamsco and Bolsan, both based in the US, and UK-based firms Attewell and PSG. Following the transaction, the businesses will be renamed as Shimtech Industries. BDC has appointed Clive Snowdon as executive chairman of Shimtech.
The investor was attracted to the deal because it believes the aerospace sector is facing increasing demand and therefore presents strong growth opportunities for the company. BDC will work with Shimtech's management to support a broadening of its product range and further consolidation in the market through selective add-on acquisitions.
BDC has experience of the aerospace component supplier sector from its current investment in Permaswage. Equity for this transaction was provided by the BBTPS fund.
Debt
Lloyds Bank provided senior debt facilities to support the transaction.
Company
Shimtech Industries specialises in the manufacture and supply of shim components to the commercial and military aerospace markets. Shims are used during the assembly of aerostructures. The company also manufactures non-metallic seals and gaskets for high-tech industrial applications, as well as providing integrated supply chain and logistics solutions.
The company is headquartered in Slough and generated revenues of $44m in the year to 31 March 2011.
People
Adrian Willetts is partner at Bridgepoint Development Capital.
Advisers
Equity – CSP (Commerical due diligence); Steen Associates (Corporate finance); PricewaterhouseCoopers (Financial due diligence); Deloitte (Debt); Wragge & Co (Legal); Drinker Biddle (Legal); Marsh (Insurance due diligence); ERM (Environmental due diligence).
Management – Pinsent Masons (Legal).
Vendor – Lazard (Corporate finance); Eversheds (Legal).
Debt – DLA Piper, Brian Woolcock, Stephen Bottley (Legal).
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