Quercus announces cross-border industrial technology sale

November 18, 2022
Andrew Clegg

Quercus Corporate Finance has advised the shareholders of Keronite Group Limited on the company’s sale to Curtiss-Wright Corporation for £29m.

Headquartered in the UK and with operations in North America, Keronite is a leading provider of Plasma Electrolytic Oxidation (PEO) surface treatment applications offering corrosion protection, wear resistance, thermal protection and electrical insulation for the defence, commercial aerospace and industrial vehicle markets, and also in semiconductor manufacturing.

Keronite’s proprietary PEO surface treatment process utilizes an environmentally friendly method of producing ceramic layers on light alloys such as aluminium, magnesium and titanium to enhance their inherent performance characteristics. Through Keronite’s process, lightweight metals are afforded the wear and performance properties of high-weight materials such as carbide or steel and are well-suited to support demanding applications in high integrity applications.

US-headquartered Curtiss-Wright is a global integrated business that provides highly engineered products, solutions and services, mainly to aerospace & defence markets, as well as critical technologies in demanding commercial power, process and industrial applications. Keronite will operate within Curtiss-Wright's Aerospace & Industrial segment and will increase the breadth of their surface treatment services portfolio to provide unique and complementary coatings technologies.

Nick Habgood, Azini Capital Partners said:

“We have thoroughly enjoyed the journey with Keronite and its sale represents a good result for the company’s shareholders, including Azini Capital. We wish Matt and the team the very best of luck as they embark on the next stage of the company’s development.  Quercus have been very good partners throughout and Mike’s sector knowledge, international connections and creativity were of great value to us throughout the process.”

Matt Hamblin, CEO of Keronite added:

“Keronite represents a great fit for Curtiss-Wright and we are very excited about the enhanced opportunities that the combination will generate. Mike has been a great support to me and his attention to detail and commercial experience have been a real help from start to finish” 

Michael Mortimor, Associate Partner at Quercus said:

“The cross-border nature of this deal represents a vote of confidence in the British economy and we are delighted with the outcome.  It has been a real pleasure working with Nick and Matt, and under their stewardship Keronite has successfully developed, industrialised and commercialised PEO technology and become a highly successful business.”

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