CPE adds to Australian defense, aerospace assets

The company, which supplies the likes of Lockheed Martin, L3Harris, Pratt & Whitney, BAE Systems, Northrop Grumman and Boeing, will become part of ASDAM, a company created following the acquisition of Marand Precision Engineering in March. The size of the deal was not disclosed.

Founded in 1989 by Paul Levett, who previously worked for the weapons research division at Australia's Department of Defence, Levett manufactures components for use in defense and aerospace equipment, as well as for clients in the medical devices, electronics and mining industries. High-profile projects include the round-the-corner gun sight and periscope assemblies for Collins Class submarines.

The company enrolled as a supplier for Australia's fifth-generation F-35 Joint Strike Fighter project in 2002, which led to an ongoing relationship with Lockheed Martin. Levett has helped improve manufacturing capabilities across a range of material types, including titanium. Marand is also involved in the Joint Strike Fighter program.

"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 in a statement.

Levett will continue to operate in Adelaide but will be able to leverage ASDAM's wider capabilities. CPE, which is currently in the market looking to raise A$800-900 million ($554-623 million) for its fifth fund, wants to build an integrated precision-engineered products company to support the defense and aerospace industry

Australia's defense budget is expected to rise from A$35.2 billion in 2017-2018 to A$40.6 billion in 2020-2021, in accordance with a policy directive that it should account for 2% of GDP. This goal was introduced in a 2016 white paper that outlined how the country needed to upgrade its security capabilities to address the growing economic importance of the Indo-Pacific region.

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• Topics
• Australasia
• Buyouts
• Industrials
• Australia
• CHAMP Private Equity
• manufacturing
• Defense & aerospace