A Derby firm which supplies components to the global aerospace industry has been sold to a company owned by a US private equity firm.
Accrofab, based in Stoney Gate Road, on Stoney Cross Industrial Park, in Spondon, has been sold to Birmingham-based Bromford Industries.
Bromford, which supplies engine components and assemblies to the aerospace industry, is owned by Liberty Hall Capital Partners.
Liberty Hall is a US-based private equity firm focused exclusively on investments in the global aerospace and defence industry.
Founded in 1977, Accrofab supplies complex fabricated and machined engine bracketry to the aerospace industry. Its top customers include Derby firms Rolls-Royce and Pattonair.
Aero engines for which it supplies components include Rolls-Royce’s Trent 1000 TEN, Trent XWB and Trent 7000.
Today, Accrofab employs around 185 people at its Derby site.
Gary Lowe, chief executive of Bromford, said “Accrofab shares our vision and commitment to unparalleled quality and customer service and we are pleased to integrate Accrofab into Bromford, providing our global customers with enhanced capabilities for new product introduction and strengthening our existing strategic relationships.”
Rowan Taylor, Liberty Hall’s founding and managing partner, said: “The addition of Accrofab brings new and complementary aerospace fabrication capabilities to Bromford and advances our strategic position with key customers on target engine platforms.
“This acquisition is another key step in executing our strategic vision for Bromford.”
Jack Nadal, partner at Liberty Hall, said: “Accrofab is a trusted partner in the introduction of hundreds of complex, new parts each year and has proven capabilities and expertise when it comes to providing a comprehensive fabrication solution.
“We are excited to leverage Bromford’s existing capabilities, customer relationships, geographic reach and world class leadership team to realise new opportunities for Accrofab.”
The transaction was led on behalf of the sellers of Accrofab by Provantage Corporate Finance with legal advice from Flint Bishop and Geldards.
Legal advice to Bromford Industries and Liberty Hall was provided by Gibson Dunn & Crutcher.
Sally Saunders, from Provantage, said “We are privileged to have the opportunity to develop a strong relationship with the shareholders of Accrofab.
“We identified the commercial opportunity and exclusively introduced the parties to deliver a transaction which will benefit both the exiting shareholders and the strong management team who will be an integral part of the new group and continue the impressive level of growth.”
