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Topics Mergers & Acquisitions
SEAL BEACH, CALIF. (Aug. 24, 1:30 p.m. ET) — Encore Aerospace LLC has wrapped up its second composites deal of the year, this time buying the composite structures business of BAE Systems plc for $32.5 million.
The business consists of a 120,000 square-foot plant that employs 170 in Brea, Calif. The plant makes highly-engineered composites components and assemblies for commercial and military aircraft.
London-based BAE — a major defense contractor — had acquired the business in 2005 as part of its purchase of U.S. defense contractor United Defense Industries.
Seal Beach, Calif.-based Encore Aerospace made the deal through its EnCore Composites Holdings Inc. Unit. The deal first was announced in May, one month after EnCore had bought Composites Unlimited Inc. — a maker of aerospace galley systems, closets and windscreens based in Irvine, Calif.
Aerospace industry veterans Jim Downey and Tom Mcfarland formed EnCore after selling their previous firm — C&D Aerospace in 2005. C&D had annual sales of more than $400 million.
EnCore was advised in the BAE deal by financial firm Deloitte Corporate Finance LLC.