US-based private equity firm Liberty Hall Capital Partner has signed an agreement to sell AIM Aerospace to Japanese firm Sekisui Chemical Group for $510m in cash.

AIM Aerospace designs and produces advanced composite structures, systems, engine components and thermoplastic technology for the aerospace industry.

It was established in 1988 as part of the UK-based AIM Group and has more than 1,000 employees in its manufacturing centres of excellence and research and technology centre in the US.

Among its major customers are The Boeing Company, GE, Kawasaki Heavy Industries and Spirit AeroSystems.

Liberty Hall founding and managing partner Rowan Taylor said: “AIM Aerospace is an integrated and diversified composite supplier with an innovative approach and proven track record on delivering a range of full-service solutions for the commercial and military aircraft and engine markets.

“Over the past three years through our partnership with AIM Aerospace, the company has expanded its capabilities, diversified its customer base and extended its geographic reach. AIM Aerospace is now leading the way in the implementation of advanced thermoplastics and intelligent automation for aerospace in North America.

“As demand for composite components continues to increase, we are pleased that AIM Aerospace is well-positioned to deliver a new generation of complex products to the industry. We are very proud to transfer leadership to Sekisui to oversee the next chapter in AIM Aerospace’s expansion.”

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Liberty Hall acquired AIM Aerospace in 2016 to serve as the foundational asset of the strategy to build an integrated, diversified composites supplier. The company acquired Quatro Composites in 2017 and integrated it into AIM Aerospace.

AIM Aerospace CEO Daniele Cagnatel said: “Through our partnership with Liberty Hall and the relentless efforts of our skilled employees, AIM Aerospace has built on its strengths in composite thermoplastics manufacturing, and successfully positioned itself on key growth programmes in structures and engine components on both Boeing and Airbus platforms.

“We appreciate the support of Liberty Hall in preparing us to reach the next stage of growth. We are excited to join the Sekisui Group, and plan to leverage their strong industrial, material and manufacturing expertise to further enhance our capabilities, as well as utilise their global presence to better serve our current and emerging customer needs.”

The transaction is expected to be completed in the fourth quarter of 2019.

Lincoln International served as financial adviser to Liberty Hall and Gibson Dunn & Crutcher provided legal advice.