Private equity owned US company Accurus Aerospace has acquired Brisbane-based Ferra Holdings for an undisclosed sum believed to be around $350 million.
Equity financing for the deal has been provided by Oaktree Capital Management and Northleaf Capital Partners.
Accurus was formed in 2013 by Liberty Hall Capital partners, a specialist investor in the global aerospace and defence industry.
Ferra is the sixth acquisition by Accurus which will now operate eight manufacturing facilities across the US, India and Australia.
Accurus is a leading global supplier of highly engineered structural parts, complex assemblies and electromechanical subsystems to the global aerospace industry.
Founded in 1992, Ferra is a leading global provider of highly engineered, complex and advanced components, sub-systems and assemblies for the military and commercial aerospace markets and is a supplier to several key industry original equipment manufacturers as well as the Australian Department of Defence. Ferra’s largest customers are Boeing and Lockheed Martin and the aircraft for which it produces most components are the F-35 Joint Strike Fighter and the Ghost Bat (formerly known and the Loyal Wingman).
Ferra operates four manufacturing facilities in Australia, the US and India and employs around 200 people.
Ferra’s existing management team led by managing director Aaron Thompson will remain in their current roles following the acquisition.
Liberty Hall founder and managing partner Rowan Taylor said: “The acquisition of Ferra is highly strategic and transformational for Accurus. “The combination creates a truly global, more diversified and balanced business with expanded capabilities allowing us to better serve all of our customers – whether commercial aerospace, military aerospace or space customers – across the globe.”
Lazard acted as financial adviser and equity placement agent to Liberty Hall and Accurus. Legal advice to Liberty Hall and Accurus was provided by Gibson Dunn & Crutcher, MinterEllison and Schulte Roth & Zabel.
Friday Capital served as financial adviser to the owners of Ferra. Legal advice to Ferra was provided by Corrs, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. and Osborne Clarke.
Image: An F-35 Joint Strike Fighter.