SIFCO Industries, Inc. (NYSE MKT: SIF) (SIFCO) has sold its Applied Surface Concepts (ASC) business segment to Norman Hay plc (Norman Hay) located in the United Kingdom. The ASC business includes its U.S. operations, headquartered in Cleveland, Ohio, and three European operations located in France, Sweden, and the United Kingdom. The ASC business develops, manufactures and sells selective plating products and provides contract services for low volume repair, refurbishment and OEM applications. Terms of the transaction were not disclosed.
EdgePoint Capital initiated the transaction, identified and contacted Norman Hay on behalf of SIFCO, led the negotiations, and served as the exclusive financial advisor to SIFCO.
Headquartered in Cleveland, Ohio, SIFCO is engaged in the production and sale of a variety of metalworking processes, services and products produced primarily to the specific design requirements of its customers. The processes and services now include forging, heat-treating, coating, welding, and machining. The products include forgings, machined forged parts and other machined metal parts, and remanufactured component parts for turbine engines. The Company’s operations are now conducted in two business segments: (1) SIFCO Forged Components and (2) Turbine Component Services.
Norman Hay is a leading specialty chemicals and systems supplier to the aerospace, automotive, oil & gas and construction industries. It engages in the design, manufacture, application, and distribution of specialty chemicals, sealants, and industrial coatings in the United Kingdom and internationally. Norman Hay is based in Coventry, the United Kingdom.
EdgePoint Capital is a leading investment banking firm focused on providing lower and middle market business owners with merger and acquisition advisory services.