BGF sells stake in Walker Precision Engineering – Daily Business

BGF is selling its minority stake in Glasgow-based Walker Precision Engineering, a provider of mission-critical components to the advanced technology aerospace and defence markets.

The buyer is US company Karman Space & Defense which said the acquisition will support its global expansion, providing a European launch pad to add to its 17 sites across the states.

BGF is expected to make a strong return on its investment in Walker in 2017 since when the company has more than doubled revenues while the investment has helped the business significantly expand its operations in the UK and mainland Europe.

It has acquired specialist machinery, opened a purpose-built facility in Basildon and increased capacity at a manufacturing plant in Poland.

Michael Berger, portfolio director at BGF, said: “The Walker team has built an exceptional business with a reputation for engineering excellence. BGF has been privileged to support the team for the last eight years of its journey to becoming an indispensable partner to the UK defence sector, from multiple rounds of investment to augmenting its management team. Joining Karman is an excellent long-term fit for the business.”

George Adams, CEO of Walker Precision Engineering, said: “The relationship built with Michael and the team at BGF has been instrumental in helping Walker reach this stage of growth. This support has extended far beyond capital, providing valuable strategic guidance while allowing us to retain our long-term vision and culture as a family business.”

Kroll Securities acted as exclusive sell-side adviser to the company and shareholders, providing investment banking services.

Dafydd Evans, managing director at Kroll Securities, said: “It has been a pleasure to act for BGF again on its exit of another one of its Aerospace and Defence investments.

“During its investment period, Walker has become a highly critical Tier 1 supplier to leading primes. The business gives Karman a beachhead into the fast-growing European defence market.”