Accrofab Limited, the Derby-based supplier of complex fabricated and machined engine bracketry for the global aerospace industry, has been acquired by Bromford Industries, the supplier of complex, close tolerance engine components, fabrications and assemblies for the global aerospace and power generation industries.
Terms of the transaction were not disclosed.
Bromford Industries is part of Liberty Hall Capital Partners, a private equity firm focused on investments in businesses serving the global aerospace and defense industry. Bromford was acquired in March 2016 by Liberty Hall to serve as the foundational asset for the firm’s strategy to build a diversified engine component supplier through organic investments and strategic acquisitions.
Accrofab represents Bromford’s second acquisition following the strategic acquisition of AeroCision LLC in March 2018.
“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,” said Rowan Taylor, Liberty Hall’s founding and Managing Partner. “This acquisition is another key step in executing our strategic vision for Bromford.”
“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,” said Jack Nadal, Partner, Liberty Hall. “We are excited to leverage Bromford’s existing capabilities, customer relationships, geographic reach and world class leadership team to realize new opportunities for Accrofab.”
Founded in 1977, Accrofab is a supplier of complex fabricated and machined engine bracketry for the global aerospace industry. The company supplies several aerospace engine platforms, including the Trent 1000 TEN, Trent XWB, Trent 7000 and BR7000NG, and its top customers include Rolls Royce and PattonAir. Accrofab operates a single facility located in Derby, United Kingdom.
Bromford’s CEO, Gary Lowe, 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.”
Financing for the acquisition was provided by Citizens Bank, CIT Bank and Beechbrook Capital.
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 of 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”