Aerospace
Morvern Group on its acquisition of Tarpey Harris Ltd
Background
Tarpey Harris Ltd, a leading manufacturer of wax moulded parts, metallic tooling and machined components for the aerospace and industrial gas turbine engine markets, has been acquired by Morvern Group. Steen Associates acted as sole financial adviser to Morvern Capital, working closely with management, identifying Morvern Group as the acquisition vehicle, and leading the debt and equity raising.
About the transaction
The acquisition consolidates Tarpey Harris into Morvern Group, a newly established platform created by an investor group to assemble leading aerospace and industrial gas turbine businesses with strong management teams. Steen Associates supported the transaction end-to-end, including structuring and financing. Commenting on the acquisition, Philipp Schack stated: “We have been looking for an acquisition like Tarpey Harris for some time and are pleased that the team at Tarpey has found a partner in Morvern.” Neil France added: “We are excited to be working with the high quality team at Morvern who will allow us at Tarpey to move the business to the next level.
About the client
Tarpey Harris operates facilities in Worcester and Denby in the United Kingdom and supplies aerospace tooling, wax products and related machined components to leading aerospace OEMs and tier-one engine suppliers. Morvern Group was established to acquire high-quality aerospace and industrial gas turbine companies and is chaired by Philipp Schack, former CEO of Tital Group. Its board includes Klaus Steffens, former CEO of MTU and current board member, Neil France, members of the Tarpey Harris management team, as well as Joerg Freimund and Jason Steen.
Date:
January 2019
Service:
Sell side
Size:
Undisclosed
Deal locations:
