Clearwater Corporate Finance has advised specialist component manufacturer Precision Micro on its acquisition by global engineering group Meggitt plc.
Precision Micro, based in Erdington, Birmingham, manufactures specialist metal components for technology-focused organisations in a range of sectors, including aerospace, automotive and energy. The firm has annual sales of around £13 million and a blue-chip customer base.
Meggitt, an existing customer of Precision Micro, is a FTSE 100 global engineering group that specialises in extreme environment components and smart sub-systems for civil aerospace, military and energy markets. The business employs over 10,000 staff globally, with its head office based in Christchurch, Dorset, and manufacturing facilities in Asia, Europe and North America, as well as regional bases in Brazil and India.
Leading mid-market corporate finance house Clearwater advised the shareholders of Precision Micro in the deal.
Jon Hustler, Partner and Head of Clearwater’s Industrials team, said: “Precision Micro is growing sales in a highly-specialised area. In recent years it has enjoyed sustained organic growth in both the UK and in overseas markets, particularly in Europe.