Levett Engineering, an SA supplier of precision components and assemblies for the defence and commercial aerospace industries, has reached an agreement to sell the business to ASDAM, an Australian sovereign defence and advanced manufacturing company owned by funds managed by CPE Capital (formerly CHAMP Private Equity).
Levett provides machining, assembly and inspection of a range of complex components for clients in the aerospace and defence industry. It has built long term relationships with a number of defence prime contractors, including Lockheed Martin, L3Harris, Pratt & Whitney, BAE Systems, Northrop Grumman and Boeing.
Levett will join Marand Precision Engineering, a supplier of vertical tails to the global F-35 program, which was acquired by CPE Capital (when it was known as CHAMP) in June 2019, in the ASDAM group.
CPE Capital is building an integrated precision engineered products, solutions and sustainment company to support the Australian defence and aerospace industry and to service its global defence and aerospace customers.
“I’m incredibly proud of what the team at Levett has achieved since its founding in 1989," Paul Levett, founder and owner of Levett said. "The acquisition by CPE Capital’s Australian defence portfolio company will provide the capacity and capability to better service our existing clients in the Joint Strike Fighter Program, and create the platform to service new clients in different domains and programs.”
“We were impressed by Levett’s breadth and depth of client relationships, and believe their expertise in precision components will be highly complementary to Marand and ASDAM," Steve Sargent, Chairman of ASDAM said. "We look forward to Levett joining the ASDAM group and growing our presence in SA.”
Levett will continue to operate in Adelaide, but will be able to utilise the combined capabilities of Marand in the ASDAM group to provide a wide range of solutions for defence customers.