Press releases

Frankfurt am Main  |  Tuesday 19 September 2017

Wulf Ihler appointed Partner at Steen Associates

Steen Associates is further strengthening its international business with Wulf Ihler joining the Frankfurt office as a Partner. He will focus on origination and execution of merger & acquisition transactions in the general industrials and in the automotive sector. He will work closely with his colleagues at Steen Associates’ office in London and Paris to increase the firm’s cross-border transaction capabilities.

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London  |  Monday 12 June 2017

Shaanxi Ligeance Mineral Resources (SLMR) completes its acquisition of Gardner Aerospace for £326m

Further to the announcement made on Wednesday 16 November 2016 Shaanxi Ligeance Mineral Resources ("SLMR") and its subsidiary Chengdu Aerospace Superalloy Technology ("CAST") is pleased to announce its acquisition of Gardner Aerospace has now completed.

The transaction provides SLMR and CAST:

  • – Access to a world class aerospace manufacturer of scale;
  • – Strong European customer base with an order book in excess of €1 billion;
  • – Experienced and international management team; and
  • – Material opportunities for growth in both domestic markets but also exciting China / Asian growth markets

Gardner is a European leader in the manufacture of aerospace parts supplied to aerospace OEMs – notably Airbus and other airframe and engine manufacturers. The business is headquartered in Derby, UK, and has additional manufacturing locations across Europe and in India, employing 1500 people. Gardner employs 690 staff in the UK. The company has revenues of approximately £150m and operating margins of around 20%, and is well positioned on existing Airbus platforms including the A320, A330, and A350.

SLMR is an aerospace and mining corporation. SLMR mining division owns a number of rhenium mines in Northern Huashan, with proven reserves equal to 7% of the global market. Rhenium is a rare mineral used in the production of superalloys that are vital in the manufacture of aerospace components. Both SLMR and CAST have close relationships with the regional and national Chinese authorities.

Jim Heaviside from CAST, who will sit on the Gardner Board and lead the development of the group, commented, "As an ambitious trade buyer, we think this is a very exciting development for Gardner as it moves from financial ownership towards a strategic owner with clear plans for further growth domestically and globally. SLMR and CAST have been looking for a solid acquisition like this for some time and we are absolutely convinced that Gardner has the long-term attributes we are looking for – strong management, technical proficiency, embedded customer relationships and high potential for growth."

The proposed transaction remains subject to certain regulatory and other approvals (including from the shareholders of Gardner Aerospace, following consultation with Gardner's works council in France).

Ends

Notes to Editors:

1

Shaanxi Ligeance Mineral Resources Co., Ltd. is an A-share listed company on the China main board Market with stock code 000697. Their main business is divided into two sections: the mining sector and the aviation sector. Market value 12 billion yuan (£1.35 billion), 500 million yuan (£56 million) cash balance.

2

CAST is a wholly owned subsidiary of Shaanxi Ligeance Mineral Resources Co., Ltd. based in Chengdu, China – home of the Panda.

3

Key personnel: Lizhi Wang – CAST CEO and SLMR VP – one of China's government's "the one-thousand-talents scheme". Expert of Aero & IGT engine manufacturing and MRO. Worked for RR, GE, Honeywell as aerospace industrial company operation and supply chain quality executive. Familiar with aero-engine supply chain development and management, manufacturing, international certification process and aviation special processes.

4

Key personnel: James Heaviside – CAST NBD & Globalization Executive (America & Europe). Over 45 years of international experience in aerospace companies such as Boeing, GE and Smiths Aerospace. Full range of global perspectives, powerful skill in negotiation and corporation merging. Strong expertise in America, Europe and Asia for JV and supply chain development.

5

Steen Associates London Office

27 Great Queen Street
London
WC2B 5BB

6

About Steen Associates

Steen Associates is an independent mergers and acquisitions company specialising in cross-border transactions in the aerospace & defence and industrials sectors. Steen has advised on a wide range of strategic transactions, predominantly in Europe and the USA, from its offices in London, Paris and Frankfurt.

For more details about Steen Associates please visit www.steenassociates.com.

7

Contact Details

Jason Steen
Partner
Steen Associates
London

T: +44 (0)20 7405 5040
E: jason@steenassociates.com

...read more

London  |  Friday 2 June 2017

Baird Capital, the direct private investment arm of Robert W. Baird & Co., announced today that it has acquired a majority interest in CAV Ice Protection Limited and CAV Advanced Technologies Ltd (CAV)

CAV is headquartered in Consett, County Durham. The Company's proprietary Ice Protection systems provide a unique solution to a critical safety challenge across numerous segments of the aerospace market. CAV is also a technology and manufacturing partner to major commercial OEMs for hybrid laminar flow control (HLFC) drag reduction systems.

Steen Associates provided financial advisory services including a strategic review.

Ends

Notes to Editors:

1

Steen Associates London Office

27 Great Queen Street
London
WC2B 5BB

2

About Steen Associates

Steen Associates is an independent mergers and acquisitions company specialising in cross-border transactions in the aerospace & defence and industrials sectors. Steen has advised on a wide range of strategic transactions, predominantly in Europe and the USA, from its offices in London, Paris and Frankfurt.

For more details about Steen Associates please visit www.steenassociates.com.

3

Contact Details

Jason Steen
Partner
Steen Associates
London

T: +44 (0)20 7405 5040
E: jason@steenassociates.com

...read more

London  |  Wednesday 16 November 2016

Shaanxi Ligeance Mineral Resources (SLMR) is to acquire Gardner Aerospace for £326m

It was announced today that Gardner Aerospace – one of Europe's market leaders in aerospace metallic detailed parts – is to be acquired by Shaanxi Ligeance Mineral Resources ("SLMR") and its subsidiary Chengdu Aerospace Superalloy Technology ("CAST"), for £326m in cash. SLMR, which is listed on the Shenzhen stock exchange with a market capitalisation of £1.4bn, is being advised by Steen Associates, Herbert Smith Freehills and KPMG in connection with the acquisition.

Commenting on the transaction, Lizhi Wang, Vice President of SLMR and CEO of CAST said, "The acquisition of Gardner will allow us to serve our customers better – in China and the rest of the world – for decades to come. With the management team at Gardner together with our advisers – we intend to further consolidate the global aerospace supply chain through careful strategic acquisitions."

Gardner is a European leader in the manufacture of aerospace parts supplied to aerospace OEMs – notably Airbus and other airframe and engine manufacturers. The business is headquartered in Derby, UK, and has additional manufacturing locations across Europe and in India, employing 1500 people. Gardner employs 690 staff in the UK. The company has revenues of approximately £150m and operating margins of around 20%, and is well positioned on existing Airbus platforms including the A320, A330, and A350.

SLMR is an aerospace and mining corporation. SLMR mining division owns a number of rhenium mines in Northern Huashan, with proven reserves equal to 7% of the global market. Rhenium is a rare mineral used in the production of superalloys that are vital in the manufacture of aerospace components. Both SLMR and CAST have close relationships with the regional and national Chinese authorities.

Jim Heaviside from CAST, who will sit on the Gardner Board and lead the development of the group, commented, "As an ambitious trade buyer, we think this is a very exciting development for Gardner as it moves from financial ownership towards a strategic owner with clear plans for further growth domestically and globally. SLMR and CAST have been looking for a solid acquisition like this for some time and we are absolutely convinced that Gardner has the long-term attributes we are looking for – strong management, technical proficiency, embedded customer relationships and high potential for growth."

The proposed transaction remains subject to certain regulatory and other approvals (including from the shareholders of Gardner Aerospace, following consultation with Gardner's works council in France).

Ends

Notes to Editors:

1

Shaanxi Ligeance Mineral Resources Co., Ltd. is an A-share listed company on the China main board Market with stock code 000697. Their main business is divided into two sections: the mining sector and the aviation sector. Market value 12 billion yuan (£1.35 billion), 500 million yuan (£56 million) cash balance.

2

CAST is a wholly owned subsidiary of Shaanxi Ligeance Mineral Resources Co., Ltd. based in Chengdu, China – home of the Panda.

3

Key personnel: Lizhi Wang – CAST CEO and SLMR VP – one of China's government's "the one-thousand-talents scheme". Expert of Aero & IGT engine manufacturing and MRO. Worked for RR, GE, Honeywell as aerospace industrial company operation and supply chain quality executive. Familiar with aero-engine supply chain development and management, manufacturing, international certification process and aviation special processes.

4

Key personnel: James Heaviside – CAST NBD & Globalization Executive (America & Europe). Over 45 years of international experience in aerospace companies such as Boeing, GE and Smiths Aerospace. Full range of global perspectives, powerful skill in negotiation and corporation merging. Strong expertise in America, Europe and Asia for JV and supply chain development.

5

Steen Associates London Office

27 Great Queen Street
London
WC2B 5BB

6

About Steen Associates

Steen Associates is an independent mergers and acquisitions company specialising in cross-border transactions in the aerospace & defence and industrials sectors. Steen has advised on a wide range of strategic transactions, predominantly in Europe and the USA, from its offices in London, Paris and Frankfurt.

For more details about Steen Associates please visit www.steenassociates.com.

7

Contact Details

Jason Steen
Partner
Steen Associates
London

T: +44 (0)20 7405 5040
E: jason@steenassociates.com

...read more

Frankfurt  |  Friday 24 June 2016

Francotyp-Postalia refinances €120m syndicated loan with international consortium of banks

Steen advised Francotyp-Postalia Holding AG ("FP"), a leading international expert in mail communication, on syndication of an expanded loan agreement.

With effect from 24 June 2016, FP signed a new syndicate loan agreement with a strong, international consortium of banks comprising Commerzbank Aktiengesellschaft, Deutsche Postbank AG, Landesbank Baden-Württemberg and UniCredit Bank AG. The agreement has a total volume of €120m and an increase option of €30m. It also has a term of five years that can be extended twice for an additional year in each case.

The improved Group financing is one of the operational excellence measures in place to position the company even better for the future and move it to a higher growth path. Rüdiger Andreas Günther (CEO) explains: "The funding agreement that has been concluded reflects FP's strengthened position on the market. With significantly greater flexibility to take action, we now have a very good basis to drive the FP Group's profitable growth in the years to come."

Steen Associates acted as sole debt adviser to FP advising on participants, structure and negotiations of the syndicated loan agreement. Joerg Freimund, Partner at Steen Associates said "This transaction demonstrates Steen's ability to support its clients in all types of complex corporate finance transactions ‎and highlights Steen's expertise in the field of debt advisory."

Ends

Notes to Editors:

1

Steen Associates Frankfurt Office

Brentanostraße 6
60325 Frankfurt
Germany

2

About Steen Associates

Steen Associates is an M&A advisory firm specialising in the aerospace, defence and industrial sectors. Steen has advised on a wide range of strategic transactions, predominantly in Europe and the USA, from its offices in London, Paris and Frankfurt.

For more details about Steen Associates please visit www.steenassociates.com.

3

Contact Details

Joerg Freimund
Partner
Steen Associates
Frankfurt

T: +49 69 770 1992 00
E: joerg@steenassociates.com

...read more

London  |  Wednesday 4 May 2016

Sigma Precision Components is acquired by Silverfleet Capital for a cash consideration of £65 million

It was announced today (4 May 2016) that Sigma Precision Components ("Sigma"), a UK based company manufacturing rigid pipe and ducting systems for commercial aerospace customers including Rolls Royce and Bombardier has been acquired by Silverfleet Capital for £65 million.

Sigma is headquartered in Hinckley in Leicestershire and has four UK based facilities and two facilities in China – Xi'an and Chengdu. Sigma recently acquired the rigid pipe operations of Rolls Royce, which formed part of the sales process and ultimate sale to Silverfleet Capital. The transaction is conditional on competition clearance and Avingtrans plc shareholder approval and is expected to close shortly.

Silverfeet Capital is a leading, independent, European private equity firm specialising in mid-market buyouts with an investment team based in London, Munich and Paris.

Avingtrans plc, the parent company of Sigma, is an AIM listed engineering company focussing on highly engineered components, systems and services to the aerospace, energy, medical and traffic management industries worldwide.

Steen Associates acted as exclusive financial adviser to the board of Avingtrans plc.

Ends

Notes to Editors:

1

Steen Associates London Office

27 Great Queen Street
London
WC2B 5BB

2

About Steen Associates

Steen Associates is an M&A advisory firm specialising in the aerospace, defence and industrial sectors. Steen has advised on a wide range of strategic transactions, predominantly in Europe and the USA, from its offices in London, Paris and Frankfurt.

For more details about Steen Associates please visit www.steenassociates.com.

3

Contact Details

Jason Steen
Partner
Steen Associates
London

T: +44 (0)20 7405 5040
E: jason@steenassociates.com

...read more

Paris  |  Thursday 3 December 2015

Emmanuel Roger appointed Partner at Steen Associates

Emmanuel Roger has diversified experience across the industry having held positions as a manager in the Automotive industry, investor in a private equity fund, and since 1987 has been a M&A industry sector specialist and has senior coverage in Investment Banking at Société Générale, Lehman Brothers and Nomura.

His key domains of expertise are in Automotive, Aerospace & Defence, Steels and Metals, Electricals and Capital Goods. He is the primary France-based contact for the firm and has the background of a wide a geographical exposure to North America, Asia & Japan, Eastern Europe/Russia and Western Europe with an international network of numerous industrial decision-makers and executives built over his three decades of experience.

Emmanuel has a longstanding dedication to the French and German relations with a German education an der TH Darmstadt (Maschinenbau), a large bilateral advisory expertise developed during four years in Germany as a managing partner of CCF – Interfinanz with more than 30 French-German completed M&A transactions.

Emmanuel was formerly Chairman of Industrials Europe at Nomura Investment Banking, which he joined in 2009.

He won awards from both Financial News and Thomson Financials for European Sell-Side mandate of the year in 2008 and European cross border deal of the Year in 2004.

Commenting on his appointment Emmanuel said: "Steen Associates is one of the most successful M&A boutiques specialising in cross-border transactions in the industrials sector and I am delighted to be joining the team. I look forward to using my understanding and knowledge to complement the firm's existing activity and expand our geographical reach into French speaking countries."

Ends

Notes to Editors:

1

Steen Associates Paris Office

9, rue du Quatre Septembre
75002 Paris

2

About Steen Associates

Steen Associates is an M&A advisory firm specialising in the aerospace, defence and industrial sectors. Steen has advised on a wide range of strategic transactions, predominantly in Europe and the USA, from its offices in London, New York and Frankfurt.

For more details about Steen Associates please visit www.steenassociates.com.

3

Contact Details

 

Joerg Freimund
Partner
Steen Associates
Frankfurt

T: +49 69 770 1992 00
E: joerg@steenassociates.com

Emmanuel Roger
partner
Steen Associates
Paris

T: +33 1 000 000 000
E: emmanuel@steenassociates.com

Jason Steen
Partner
Steen Associates
London

T: +44 (0)20 7405 5040
E: jason@steenassociates.com

...read more

Munich / Versailles  |  Wednesday 29 July 2015

KMW and Nexter agree to merge, creating a € 2bn European defence technology group

As announced a year ago, Nexter Systems and Krauss-Maffei Wegmann, two of Europe's leading manufacturers of military land defence systems, intend to share their future road ahead. The corresponding agreement was signed on 29 July 2015 in Paris. The alliance of the two groups under the umbrella of a joint holding company creates a Franco-German defence technology group with a current annual turnover nearing 2 billion euro, an order book of around 9 billion euro and more than 6,000 employees.

KMW, Nexter and their owners view this step as decisive for the consolidation of the defence technology industry in Europe. The product portfolios of the two companies and their regional presences on the world market complement each other. The alliance of KMW and Nexter creates a group with the momentum and innovative force required to succeed and prosper in international competition. In addition, it offers to its European and NATO customers the opportunity of increased standardisation and interoperability for their defence equipment, with a dependable industrial base.

Besides, this new strategic alignment makes it possible to retain jobs and skills in the heart of the European Union. The two CEOs confirm that the alliance will have no social consequence or impact neither on employment nor on the collective agreements in place. Whenever the new group would develop any consolidation project, this would be based on the principle of protecting the balance between the two operational companies as well as protecting their related technologies, know-how and competences.

Nexter S. A. had been in the sole ownership of the French State holding company GIAT Industries S. A.; Krauss-Maffei Wegmann GmbH & Co. KG had been in the sole ownership of Wegmann GmbH & Co. in Kassel. For the unification of the two companies, the sole owners are contributing their shares into a newly incorporated joint holding company based in the Netherlands. They will each receive 50 per cent of the shares of this holding company, which will become the sole shareholder in KMW and Nexter. The governance of the holding company will reflect the equal balance between the two shareholders with a long-term industrial perspective.

Steen Associates acted as exclusive adviser to Krauss-Maffei Wegmann GmbH & Co. KG.

Ends

Notes to Editors:

1

Steen Associates Frankfurt Office

Brentanostraße 6
60325 Frankfurt
Germany

2

About Steen Associates

Steen Associates is an M&A advisory firm specialising in the aerospace, defence and industrial sectors. Steen has advised on a wide range of strategic transactions, predominantly in Europe and the USA, from its offices in London, New York and Frankfurt.

For more details about Steen Associates please visit www.steenassociates.com.

3

Contact Details

 

Joerg Freimund
Partner
Steen Associates
Frankfurt

T: +49 69 770 1992 00
E: joerg@steenassociates.com

Jason Steen
Partner
Steen Associates
London

T: +44 (0)20 7405 5040
E: jason@steenassociates.com

...read more

Frankfurt  |  Tuesday 30 June 2015

Firstmark is acquired by H-D Manufacturing in $84m cash merger

It was announced today (30 June 2015) that Firstmark Corp, a Maine corporation headquartered in Richmond, Virginia has been acquired by H-D Advanced Manufacturing, a Delaware Corporation headquartered in Pittsburgh Pennsylvania in a $84m cash merger. Firstmark, through its subsidiaries, manufactures and sells components and sub-assemblies that are used in the aerospace and defense industries.

Firstmark also designs, manufactures and repairs precision electronic, electromechanical and mechanical components and systems for the aerospace and defense industries, as well as aircraft safety restraints and leading edge inflatables technology safety products for military, commercial and civil aircraft.

To learn more about Firstmark, visit its website at www.firstmarkcorp.com.

Steen Associates acted as financial adviser to Firstmark and conducted the sales process. Steen Associates also provided the Fairness Opinion to the Special committee of the Board.

H-D Advanced Manufacturing was formed in 2012 by a partnership among The Riverside Company, Hicks Equity Partners and Weinberg Capital Group. The company manufactures high precision mission critical products and applications for the aerospace, and oil and gas sectors.

Ends

Notes to Editors:

1

Steen Associates New York Office

250 Park Avenue,
7th Floor
New York, NY 10177
USA

2

About Steen Associates

Steen Associates is an M&A advisory firm specialising in the aerospace, defence and industrial sectors. Steen has advised on a wide range of strategic transactions, predominantly in Europe and the USA, from its offices in London, New York and Frankfurt.

For more details about Steen Associates please visit www.steenassociates.com.

3

Contact Details

 

Jason Steen
Partner
Steen Associates
London

T: +44 (0)20 7405 5040
E: jason@steenassociates.com

Joerg Freimund
Partner
Steen Associates
Frankfurt

T: +49 69 770 1992 00
E: joerg@steenassociates.com

...read more

Frankfurt  |  Friday 13 May 2015

Christopher Heinrich joins Steen Associates

We are pleased to announce that Christopher Heinrich is joining Steen Associates as an Analyst. As a native English and German speaker, he will work on all aspects of transactions with a strong focus on expanding our European profile. Christopher was educated in the USA and Australia and has worked in Germany, USA, Australia, and Switzerland. He previously held positions at Translink Corporate Finance and Australia and New Zealand Banking Group.

Frankfurt  |  Monday 17 November 2014

Steen advises Jenoptik AG on its acquisition of Vysionics Ltd

Jenoptik, the integrated optoelectronics group, has bought 92 percent of the shares in Vysionics, one of the UK's leading suppliers of road safety technology systems. Steen Associates acted as exclusive financial adviser to Jenoptik on this project.

The remaining shares continue to be held by the Vysionics management team. Vysionics provides automatic number plate recognition ("ANPR") traffic enforcement, access management and information systems to a wide range of private and public sector organisations such as highway authorities, construction contractors, local authorities, parking contractors, rail authority and police forces. The transaction between Jenoptik and Vysionics' main shareholder LDC was completed on November 14, 2014. Both parties agreed to keep the purchase price confidential.

Frankfurt  |  Wednesday 2 July 2014

KMW and Nexter announce their intention to merge – Steen Associates is acting as exclusive financial adviser to KMW

Krauss-Maffei Wegmann GmbH & Co. KG ("KMW") of Germany and Nexter Systems SA ("Nexter") of France, two leading European defence companies, are announcing today that they plan to merge. An agreement in principle was signed in Paris yesterday by the two companies and their shareholders, the privately-held Wegmann GmbH & Co. and the French state-owned GIAT Industries. The combined group will have revenue of approx. €2bn, an order book of approx. €6.5bn, and more than 6,000 employees.

The transaction is expected to be finalised in early 2015 and will be the largest transaction in the European defence industry for many years. Joerg Freimund, who is leading the transaction for Steen Associates, said, "This is an example of French and German cooperation in this sector as well as a major step forward in the consolidation of Europe's defence industrial supply base."

Steen Associates is the exclusive financial adviser to KMW on this transaction.

Ends

Notes to Editors:

1

Steen Associates Frankfurt Office

Brentanostraße 6
60325 Frankfurt
Germany

2

About Steen Associates

Steen Associates is an M&A advisory firm specialising in the aerospace, defence and industrial sectors. Steen has advised on a wide range of strategic transactions, predominantly in Europe and the USA, from its offices in London, New York and Frankfurt.

For more details about Steen Associates please visit www.steenassociates.com.

3

Contact Details

 

Jason Steen
Partner
Steen Associates
London

T: +44 (0)20 7405 5040
E: jason@steenassociates.com

Joerg Freimund
Partner
Steen Associates
Frankfurt

T: +49 69 770 1992 00
E: joerg@steenassociates.com

...read more