Accrofab, suppliers of complex fabricated and machined engine bracketry, acquired by Bromford Industries
A Derby-based aerospace manufacturer founded in 1977 whose clients include Rolls-Royce and Pattonair is to be acquired by a private equity-backed company.
Accrofab, which supplies complex fabricated and machined engine bracketry, has been snapped up by Birmingham-based Bromford Industries which is backed by Liberty Hall Capital Partners.
Bromford Industries is a supplier of complex, close tolerance engine components, fabrications and assemblies for the global aerospace and power generation industries. It 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 is Bromford’s second acquisition following the acquisition of AeroCision LLC in March 2018.
Rowan Taylor, Liberty Hall's founder 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."
Liberty Hall partner Jack Nadal added: "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 realize new opportunities for Accrofab."
Accrofab supplies several erospace engine platforms, including the Trent 1000 TEN, Trent XWB, Trent 7000 and BR7000NG.
Bromford’s chief executive 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. Legal advice to Bromford and Liberty Hall was provided by Gibson Dunn & Crutcher.
Accrofab’s selling shareholders were advised by ProVantage Corporate Finance. Legal advice was provided by Flint Bishop and Geldards.
Sally Saunders of Provantage added: "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."
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