Privet Capital, the investment company which specialises in helping businesses reach their full potential, has acquired Aeromet, a UK based manufacturer of metal castings for the aerospace industry, from US based Black Diamond Capital Management for an undisclosed amount.
Aeromet is a world class foundry with a turnover of £20m per annum, specialising in complex castings for commercial and defence aerospace applications. It serves large OEMs including Airbus, Boeing, Rolls Royce, Embraer, Bombardier and their Tier 1 suppliers such as Meggitt, Bae, GKN and GE Aviation. In fact, Aeromet is the only European investment casting foundry approved by Boeing. It employs more than 270 staff at two sites in Kent and one in Worcester.
Aeromet has a long track record in innovation and has patented A20X, the strongest cast aluminium alloy available today. It continues to develop its manufacturing processes including 3D printing and high property SOPHIA casting.
Vardhan Rajkumar, the former Chairman of Thermal Engineering, an aircraft components manufacturer, will join the Aeromet board as Chairman and Steve Keating, Managing Partner of Privet Capital will join as a non-executive Director. Jeff Smith, the current CEO will be retiring after 13 years with the business. Simon Holliday, currently the Operations Director has been appointed as Managing Director.
Commenting, Aeromet MD, Simon Holliday, said: ‘We are delighted that Privet Capital has purchased Aeromet. With unprecedented demand for new aircraft, it is an exciting time in the aerospace sector. We look forward to working with Vardhan, Steve and other members of the Privet team as we roll-out our growth plans to capitalise on this demand from existing and new customers.”
Vardhan Rajkumar, Chairman, added: “Aeromet is a solid business with a strong management team, an enviable order book and world class customers. I am looking forward to helping the team capitalise on its track record, further develop operational capacity and build the market for its new alloy A20X.”
Press release issued by Aeromet International Ltd on July 27, 2015