Macclesfield-based engineering and thermal processing giant Bodycote said on Tuesday it agreed to acquire Ellison Surface Technologies for $200 million to create “one of the world’s largest providers of thermal spray and engineered coating surface technology services to the aerospace industry.”
“Ellison’s business, based in North America, is highly complementary to Bodycote’s existing surface technology business,” said Bodycote in a stock exchange statement.
“It is primarily focused on the aerospace market.
“It will be integrated into Bodycote’s surface technology and aerospace business, which itself has seen strong structural growth in recent years.”
Ellison’s business generated revenues of $50 million in 2018 and it employs almost 400 people across six sites located across the United States, Canada and Mexico.
Boycott CEO Stephen Harris said: “Ellison’s business is one that we have long respected and is a perfect strategic fit for Bodycote’s aerospace and specialist technologies’ businesses.
“Ellison has been successful in winning new business in recent years and it will be very complementary to Bodycote’s existing surface technology business.’
Bodycote was advised by Credit Suisse on this transaction, while the sellers were advised by Lazard.