Birmingham aerospace industry supplier Bromford Industries has been taken over by a private equity firm.
Liberty Hall Capital Partners has taken over Bromford, which turnos over about £22 million and employs more than 250 staff in Birmingham, Alcester and Leicester.
The business was formed in 2009 following the acquisition and rebranding of Hampson Aerospace Machining.
Chief executive Gary Lowe, who will remain in place, said: “We are pleased to embark on this new partnership with Liberty Hall, while we continue to focus on offering the highest levels of quality and service, along with highly engineered solutions, to our global customers.”
Funding for the deal was provided by the Royal Bank of Scotland’s asset based lending team.
PwC acted as lead adviser to Darwin Private Equity, while Travers Smith provided legal advice to both Bromford and Darwin. DLA Piper and Mazars provided advice to management and Liberty Hall was advised by Schulte Roth & Zabel and Ashurst.
Rowan Taylor, Liberty Hall’s founding partner, added: “Bromford is an ideal platform from which we can build a fully-integrated, diversified engine component supplier. We look forward to creating significant strategic value through Bromford by adding complementary capabilities, diversifying across customers and expanding content on the highest value platforms through organic investments and strategic acquisitions.”