TLT’s Corporate team has advised on the sale of Sunday Times SME Export Fast Track 100 company Stirling Dynamics to Assystem Technologies, a global provider of engineering services, quality assurance and consulting.
Stirling Dynamics, headquartered in Bristol, provides specialist engineering services and active control products for commercial and defence clients in the global aerospace and marine markets. It employs more than 90 highly skilled staff and supports over 70 different aircraft types and nine navies worldwide.
The TLT team advised the management team and majority shareholder Enact, a SME fund managed by Endless LLP. Enact acquired a majority stake in Stirling Dynamics in 2014 and the business has subsequently grown by more than 15% per annum, delivering high levels of profitability under the management team, supported by the introduction of Mark Cook as Executive Chairman.
The integration of Stirling extends Assystem Technologies’ existing aerospace and marine/naval capabilities, notably in the areas of landing gear, fuel systems and simulation systems.
TLT provided the management team and Enact with end-to-end support throughout the marketing and sale process, both in the UK and co-ordinating international support, with a team that was led by Corporate Partner Andrew Webber, Associate James Webb and Solicitor Holly Evans.
Ed Ransome, Investment Director at Endless, said:
“Stirling is a great success story. The management team and staff have worked incredibly hard to transform the business over the last three years and we believe that with the support of Assystem Technologies the company will continue to prosper. TLT were professional, commercial and pragmatic with their approach throughout their appointment. They were a pleasure to work with and we would not hesitate to use them again.”
Mark Cook, Executive Chairman of Stirling Dynamics, said:
“The management and staff applied themselves relentlessly to unlock the opportunity to grow the business with the opportunity provided by the Enact investment. We were impressed by the extent to which Andrew, James, Holly and the team took the time to understand the business and also their expertise in leading the team through the process. They were a key part of our team throughout.”
Andrew Webber, Partner at TLT, said:
"The South West is home to a growing number of scale-up businesses, partly due to the proximity of several leading universities and a buzzing business scene, particularly in the engineering and high tech industries. It was a pleasure to work with a local world-class business and to help Enact and the management team realise a great return on the investment they’ve all made to take the company to the next level.
"Our transactions continue to show a strong appetite for overseas investments in UK plc. This can offer dynamic companies like Stirling and their management a fantastic opportunity to grow their brand and business on a global scale.”