Liberty Hall buys AeroCision

Liberty Hall Capital Partners has acquired AeroCision LLC, a provider of complex engine components and assemblies for the global aerospace industry. No financial terms were disclosed. Liberty Hall will integrate AeroCision into portfolio company Bromford Industries. Citizens Bank provided the financing for the acquisition while Gibson Dunn & Crutcher provided legal advice to Liberty Hall. MidCap Advisors and Locke Lord advised AeroCision.

PRESS RELEASE

NEW YORK and BIRMINGHAM, England and CHESTER, Conn., April 3, 2018 /PRNewswire/ — Liberty Hall Capital Partners (“Liberty Hall”), a private equity firm focused exclusively on investments in businesses serving the global aerospace and defense industry, announced today the acquisition of AeroCision LLC (“AeroCision”), a leading supplier of complex engine components and assemblies for the global aerospace industry. AeroCision will be integrated into Bromford Industries (“Bromford”), a leading supplier of complex, close tolerance engine components, fabrications and assemblies for the global aerospace and power generation industries. Bromford was acquired by Liberty Hall in 2016 as the foundational asset for the firm’s strategy to build a diversified engine component supplier to the global aerospace and power generation industries through organic investments and strategic acquisitions. Terms of the transaction were not disclosed.

“As the industry continues to see dramatic growth in the delivery of next generation, fuel efficient engines, we believe the acquisition of AeroCision is highly strategic to Bromford and fully supports our vision of building a fully-integrated, diversified engine component supplier,” said Rowan Taylor, Liberty Hall’s founding Partner. “AeroCision provides Bromford with additional machining capabilities, extends Bromford’s geographic presence into the U.S. and India and increases Bromford’s content on our targeted next generation engine platforms. We look forward to creating further strategic value through this exciting acquisition.”

Founded in 1958, AeroCision is a leading supplier of complex engine components and assemblies for the global aerospace industry. AeroCision supplies many of the key leading aerospace engine platforms, including the Trent 1000 TEN (787), Trent XWB (A350), Trent 7000 (A330neo), LEAP (A320neo, 737MAX) and GE9X (777X), and AeroCision’s top customers include Rolls Royce, GE Aviation and Honeywell. AeroCision operates a single facility in Chester, CT, as well as a joint venture in Bangalore, India.

Bromford’s CEO, Gary Lowe, commented: “The acquisition of AeroCision not only reinforces Bromford’s existing strategic relationship with Rolls Royce, with whom we entered into a strategic partnership in 2017, but also enhances our existing strategic relationship with Safran. AeroCision was recently named “Supplier of the Year” by Rolls Royce’s Aerospace Division, and we are pleased to offer enhanced capabilities and a wider geographic reach, coupled with our shared vision of unparalleled quality and customer service, to our global customers.”

Financing for the acquisition was provided by Citizens Bank. Legal advice to Liberty Hall was provided by Gibson Dunn & Crutcher.
AeroCision was advised by MidCap Advisors and Locke Lord.

About Liberty Hall Capital Partners
Liberty Hall Capital Partners is a private equity firm focused exclusively on investments in businesses serving the global aerospace and defense industry. Liberty Hall’s principals have a 25-plus year history of working together and have led the investment of $2.5 billion in equity capital in businesses serving multiple segments of the aerospace and defense industry and complementary industrial end markets. Liberty Hall develops actionable investment strategies for attractive segments of the aerospace and defense industry and then partners with entrepreneurs and management teams to acquire leading businesses serving these segments and, together with them, develops sound, long-term strategic plans to build these businesses through a combination of strategic investments and strategic acquisitions. For more information, please visit http://www.libertyhallcapital.com/.

About Bromford Industries
Bromford Industries Limited is a leading supplier of complex, close tolerance engine components, fabrications and assemblies for the global aerospace and power generation industries. Bromford’s multiple and highly complementary capabilities allow the delivery of products to customers with optimal cost, quality and delivery. Based in Birmingham with additional facilities located in Alcester and Leicester, UK, Chester, CT and Bangalore, India, Bromford is currently executing a strategic plan to build its business through strategic investments in further capabilities, customers and platforms. For more information, please visit http://www.bromfordindustries.co.uk/.