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Bridgepoint in the News

28 May 2015

Bridgepoint Development Capital completes sale of Shimtech Industries to Auctus Industries for US$220 million

Shimtech Industries ('Shimtech'), the specialist international aerospace group, has been acquired by Auctus Industries and Inflexion from Bridgepoint Development Capital ('BDC') in a transaction totalling US$220 million. The exit generates BDC's fourth exit over the past twelve months.

Shimtech is the global leader in the manufacture and supply of high performance shim solutions and specialist laminated materials to the aerospace industry, and a leading supplier of advanced thermoset composite structures. The group's products are critical in the assembly process for aircraft and the ability of OEMs to meet demanding production schedules. Shimtech was formed from the successful integration and rebranding of four separate businesses acquired by BDC from Hampson Industries plc in 2011 in a transaction valued at $84 million.

Under BDC's ownership, the group completed the acquisitions of Performance Plastics Inc. and Angeles Composite Technologies Inc., manufacturers of composite aerospace components and assemblies which are being used in increasing quantities by both Boeing and Airbus in the manufacture of latest generation "carbon rich" aircraft. These strategically important acquisitions have allowed Shimtech to broaden its capabilities and strengthen its position in a high growth sector of the global aerospace components market.

Commenting on the realisation, Bridgepoint Development Capital Partner Adrian Willetts said: "Shimtech has performed strongly during BDC's period of ownership, consistently performing in line with its business plan and delivering the key strategic objectives identified at the time of our investment. We have enjoyed working with Howard Kimberley and the management team, and would like to thank them for their hard work and achievements over the past four years, and wish them every success in the next phase of Shimtech's growth."

Howard Kimberley, CEO of Shimtech said "The strong support and commercial approach of the Bridgepoint team has been a key element of our success as we have grown and developed the business into a full service, international aero structures supplier. I would like to thank Bridgepoint for their trust and unstinting support during this period.

"We now look to the future and the next chapter of our development with Auctus with great confidence and firm foundations for the continuing growth of the Shimtech Group."

Advisers involved in the transaction included:

For Bridgepoint:

- Catalyst Corporate Finance (corporate finance)

- Reynolds Porter Chamberlain, Drinker Biddle & Reath (legal)

For Auctus:

- Pinsent Masons, Jones Day (legal)

- KPMG (financial due diligence)


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