Fladgate LLP has advised Aeromet International Limited, a leading supplier of airframe and aero engine components, on its bolt-on acquisition of Stone Foundries from Langham Industries.
Aeromet and Stone Foundries have a long track record of providing aluminium and magnesium cast components to the aerospace and defence industries. Following the acquisition, the combined business will continue to provide world class sand and investment castings to its customer base that includes Airbus, Boeing, Embraer, Leonardo, Meggitt and Rolls-Royce.
Aeromet is a portfolio company of Privet Capital, a London-based private equity investor. Privet Capital acquired Aeromet in 2015 from US based Black Diamond Capital Management for an undisclosed sum.
Aeromet’s acquisition of Stone Foundries is the second successful ‘bolt-on’ acquisition Fladgate has completed for Privet this month. On 7 March, Fladgate announced that it had successfully advised Cash Processing Solutions on the acquisition of the entire share capital of iCubed Technologies Limited which had designed and developed hardware and software for a banknote processing system.
Cash Processing Solutions is a global provider of hardware and software solutions to the cash processing industry and was acquired by Privet in 2016, which Fladgate also advised on.
The Fladgate team for both transactions was led by corporate partner Graham Spitz. Graham was supported by associate Sophie Burke, employment senior associate Mike Tremeer and partners Gavin Whitney, Hamilton Forrest and Alan Wetterhahn.