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Stirling Square sells Microtecnica to Goodrich for €330m

1 Apr 2011

European private equity firm Stirling Square Capital Partners has sold aerospace component and sub-system manufactureer Microtecnica to Fortune 500 aerospace systems supplier Goodrich Corporation for €330m.

Expected to close in the second quarter of 2011, the deal price represents an 11.5 times multiple on the company’s predicted EBITDA for 2011.

Acquired by Stirling Square in 2008, Microtenica designs and manufactures components and sub-systems for flight actuation –the movement of flaps and other control surfaces – processes, and thermal control systems. Sales for 2011 are expected to be $220m.

The company employs around 700 people at facilities located in Turin, Luserna San Giovanni and Brugherio, Italy, and Bristol, UK, with the majority of its business coming from commercial and defence aerospace, and space markets/, with 60 per cent of sales derived from original equipment.

“This acquisition supports our business model and fits with our strategy by increasing Goodrich’s exposure to three growth markets; commercial and military helicopters, commercial regional, business and general aviation aircraft and missile actuation,” said Goodrtich chairman Marshall Larsen.

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