ALEXANDER HUTTON ADVISES ON
SALE OF DAMAR AEROSYSTEMS
03/28/11
SEATTLE - Alexander Hutton is pleased to announce the sale of its client Damar Aerosystems, to Senior plc (LON: SNR).
Damar is a manufacturer and integrator of precision machined parts and assemblies for the commercial aerospace industry. They specialize in air beams, wing skins, stow-bin parts, interior decorative assemblies, panels and bulk-head components, manufactured from aluminum, titanium and other specialist metals. Headquartered in Monroe, Washington, Damar was founded in 1973. The acquisition of Damar was completed in March 2011.
Senior is an international manufacturing group with operations in 11 countries. It is listed on the London Stock Exchange. Senior designs, manufactures and markets high technology components and systems for the principal original equipment producers in the worldwide aerospace, defense, land-vehicle and energy markets.
Damar Chairman, CEO and majority shareholder Thom Kroon commented, “We are very pleased that Damar is now part of the Senior family of companies. The competitive process carried out by Scott Hardman and the Alexander Hutton team resulted in a great outcome for us and for our employees.”
Commenting on the acquisition, Mark Rollins, Senior plc Group Chief Executive, said. "Damar has a long and established reputation in the aerospace industry and its operations are highly complementary to Senior's existing business. Damar's capabilities, combined with Senior's wider market access, financial strength and operational excellence focus, are expected to lead to stronger growth prospects and improved operational performance, benefiting customers, employees and shareholders alike."
The transaction was led by Alexander Hutton Managing Director Scott Hardman. Commenting on the transaction, Scott Hardman observed, “In addition to obtaining maximum possible value in the transaction, a major consideration for our client was finding an acquirer that was ‘a good fit.’ Senior met the value criterion, as well as being a great strategic, operational and cultural fit for Damar."
Alexander Hutton, the Seattle office of M&A International, is the most established seller of private companies in the region having completed nearly 200 transactions. For additional information, contact Scott Hardman, a Managing Director at Alexander Hutton at 206.792.1964 or shardman@alexanderhutton.com.”
Sources: Alexander Hutton, Damar, Senior.