Sky's the limit for Polyflex Aerospace

  • mar. 2007

Polyflex Aerospace, one of the UK’s fastest growing suppliers
of cryogenic systems to major international defence procurement
programmes, including the Joint Strike Fighter, the IRIS T missile
and the EFA Typhoon “Eurofighter” has been acquired by
Ultra Electronics plc.

When CEO and shareholder, Jim Bradbury decided to exit from the
company, he asked Livingstone to find an appropriate buyer. Having
carried out a discreet marketing exercise in the U.K. and abroad,
the shareholders decided that, despite extensive interest from
potential purchasers, a sale to major customer Ultra Electronics
would deliver Polyflex the solution they were seeking.

Jim Bradbury comments: “We visited other corporate
advisors before finally choosing Livingstone. The clinching issues
as far as we were concerned were that Livingstone were able to
demonstrate recent experience of doing business in the defence
sector and they have excellent contacts at a very senior level with
many of the companies that we thought would be interested in
acquiring Polyflex. Livingstone had an appreciation of the value of
our involvement in long term defence programmes and we did not have
to spend any time at all in explaining our market positioning to
them. The Information Memorandum was skilfully written, and well
produced, and Livingstone helped significantly with the management
presentations to the various interested parties. During the course
of the final negotiations, Livingstone were always there to help us
and to ask the awkward questions that we, negotiating with our
largest customer, might have found very difficult. We also found
that the people at Livingstone were all extremely friendly and
helpful and did not exhibit any of the stress that must go hand in
hand with the work they do. Very well done,

Jeremy Furniss, the partner at Livingstone who led the transaction,
added: “Ultra approached the deal with an open-mind
and successfully balanced their role as both acquirer and customer,
which could have been fraught with concern for our vendors. Our
experience in selling businesses in the Defence sector was vital in
bringing this deal to a conclusion. It represents our fourth
completed deal in the sector in the last nine months in what has
become a very specialist M&A

Jeremy Furniss, Partner
Tel: 020 7484 4703

Graham Carberry, Deal Leader
Tel: 020 7484 4728

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