Australian firm Marand Precision Engineering announced on 25 March that it will be sold to funds managed by Sydney-based private equity company CHAMP. The terms of the acquisition were not disclosed.
In statement, David Ellul, Marand's executive chairman, said the acquisition "will help ensure Marand maintains its innovative culture and reaches its full potential". Marand was founded in the late 1960s by Ellul's father and under the new agreement the family will retain an undisclosed stake in the company.
Marand is headquartered in Victoria and is involved in sectors including aerospace and defence, automotive, rail, energy, and general engineering.
In the aerospace and defence domain the company provides services including the production of components and aerostructure sub-assemblies, ground support equipment, and tooling.
Want to read more? For analysis on this article and access to all our insight content, please enquire about our subscription options at ihsmarkit.com/janes