BDC exits Shimtech to Inflexion and Auctus

Following the deal, Inflexion and Auctus will support the company's development by capitalising on continued growth in the aerospace market, supporting further bolt-on acquisitions as well as driving value from previous add-on deals.

The deal came about through Inflexion's relationship with Terry Twigger, former CEO of Meggitt and co-founder of Auctus, who sourced the acquisition. Debt for the deal was provided by Ares Management.

Auctus is a vehicle focused on the consolidation of component suppliers in the aerospace sector.

Lloyds Bank Commercial Banking provided working capital facilities to support Inflexion's investment in Shimtech.

Previous investment
BDC created Shimtech following the acquisition of four businesses from Hampson Industries' Aerospace Components & Structures division for $84m in August 2011. The acquired companies were Lamsco and Bolsan, both based in the US, as well as UK-based firms Attewell and PSG.

BDC has since supported Shimtech's purchase of Performance Plastics and Angeles Composite Technologies – both manufacturers of composite aerospace components and assemblies based in the US. Shimtech's headcount has grown from 170 in 2011 to 450 today. 

Company
Shimtech manufactures high-performance shim solutions, specialist laminated materials and advanced thermoset composite structures for the aerospace industry.

Headquartered in Middlesex, the company operates four manufacturing facilities in the US, as well as three in Europe.

People
Adrian Willetts, partner at BDC, led the investment. Howard Kimberley is CEO of Shimtech.

Terry Twigger, the co-founder of Auctus, has been named chairperson of Shimtech. Valerio Massimo di Roccasecca and Edward Spencer-Churchill of Auctus have also joined Shimtech's board.

John Hartz is managing partner of Inflexion and will join Shimtech's board following the deal alongside Catherine Richards, also of Inflexion.

Advisers
Vendor – Catalyst Corporate Finance (Corporate finance); Reynolds Porter Chamberlain (Legal); Drinker Biddle & Reath (Legal).
Equity – Pinsent Masons (Legal); Jones Day (Legal); KPMG (Financial due diligence); Deloitte (Financial due diligence); Roland Berger (M&A).

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• Topics
• Exits
• UK / Ireland
• Industrials
• Buyouts
• Bridgepoint
• Inflexion Private Equity
• Secondary buyout