Clearwater International UK has advised engineering services, quality assurance, and consulting provider Assystem Technologies, on its acquisition of Stirling Dynamics.
Stirling provides specialist engineering services and active control products for commercial and defence clients in the global aerospace and marine markets. Founded in 1987, the Bristol-based business employs 90 highly skilled engineers with a wealth of knowledge of over 70 different aircraft types and supports nine navies, worldwide.
Endless’ Enact fund acquired a majority stake in Stirling in 2014. Since then Stirling has grown by more than 15% per annum in addition to returning the business to high levels of profitability.
Assystem Technologies operates in the aerospace, automotive, defense, financial services, industry, and transportation sectors. The business offers a comprehensive range of services including design, manufacturing engineering and supply-chain services, in-service engineering support, as well as quality management, quality engineering and assurance. Assystem Technologies operates across 25 countries with c. 14,000 employees.
The Clearwater International team consisted of Partners Paul Jones and Constantine Biller, with support from Associate James Kennedy.
Paul Jones, Partner, Clearwater International, commented: “It’s been a pleasure to work with Assystem Technologies on this acquisition. Stirling’s capabilities and culture greatly complement Assystem Technologies, and we look forward to seeing the developments of this excellent fit. The acquisition is yet another example of strategic overseas buyer interest in acquiring UK specialist technical and engineering services businesses that are global leaders in their fields.”
Ed Ransome, Investment Director, Enact, said: “It has been a pleasure to support the remarkable story of Stirling over the last three years. The management team and employees should be incredibly proud of what they have achieved and we believe that with the support of Assystem Technologies as their new owners they will continue to prosper. Yet another South West business that delivers globally-recognised, best-in-class engineering expertise.”
Mike Sheehan, Managing Director for the UK, Assystem Technologies said: “Stirling has an excellent reputation for its innovation in the domain of active control systems and associated analysis that will greatly complement our portfolio of aerospace and marine engineering offers. Having Stirling’s world-class experts joining our global teams is great news for our customers, and we look forward to getting them on board.”
Mark Cook, Executive Chairman, Stirling, said: “All the staff of Stirling are delighted to be joining those at Assystem Technologies. Our complementary areas of expertise in aerospace and marine will enable us to have major competitive advantages at a global scale. I look forward to continuing our journey with the broader capabilities of Assystem Technologies.”