Insider's May Deal of the Month
Midlands Business Insider editor Andy Coyne has selected the acquisition of Italy’s Microtecnica by aerospace business Goodrich Corporation, which has bases in Birmingham and Wolverhampton, for £269m.
Goodrich, which supplies systems and services to the aerospace and defence industry, was advised on the deal by DLA Piper's Birmingham office. Turin-based Microtecnica, which provides flight control actuation systems for helicopters and aircraft and missile actuation systems, was, acquired from Luxembourg’s SSCP Aero Holdings.
Corporate partners Jim Lavery and Goffredo Guerra led on the deal from DLA Piper's offices in Birmingham and Milan.
Lavery said: "Goodrich is a long standing and highly valued client of DLA Piper. We are thrilled to have supported it in its latest acquisition which will strengthen its product portfolio and its presence in key growth markets."
John Linker, director of business development, Goodrich said: "The acquisition of Microtecnica 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."
Explaining why he had chosen this particular deal, Coyne said: "There are three reasons why this deal appealed to me and they are to do with size, sector and advisory reach.
"Microtecnica employs around 700 people and has significant growth potential. At £269m this is a big corporate takeover and shows a locally-based company flexing its muscles.
"The sector is also extremely interesting. I heard recently that there is 15 per cent annual growth in the aerospace sector in the Black Country and this is clearly a field in which this part of the world excels. High-tech manufacturing has a very exciting future and companies like Goodrich are very much part of that.
"And finally it show again the reach of a leading international law firm such as DLA Piper. Working across its Birmingham and Milan offices it helped to smooth the deal process. The local team being at the heart of a deal of this kind can only help to cement the firm’s reputation and the reputation of the wider advisory community in this city."
