Marand Precision Engineering has announced that it has reached an agreement to sell the company to funds managed by CHAMP Private Equity.
The terms of the transaction are confidential.
Marand supplies engineering solutions to the defence, aerospace, rail, automotive and mining sectors. Its customer base is predominately multinational blue chip organisations including Lockheed Martin, Boeing, BAE Systems, BHP and Rio Tinto.
The company supplies vertical tails to the F-35 program, which it has been involved with since 2002. It has also been selected by Rolls Royce for the MT30 gas turbine enclosure manufacture and integration on the Hunter-class frigates.
“My father Andy Ellul founded Marand in 1969 and last week we were delighted to celebrate the company’s 50th anniversary,” David Ellul, Executive Chairman of Marand, said. “Over five decades, Marand has evolved from a machine tools and equipment supplier to the automotive industry to being recognised as Australia's leading precision engineering company and Australia’s largest supplier into the F-35 Joint Strike Fighter program.
“While the terms of the transaction remain confidential, the Ellul family retains an investment in the business,” he said.
"This is a wonderful opportunity to facilitate further growth in the business," Rohan Stocker, CEO of Marand said. "We are excited by the prospect of working with CHAMP to take the Business to the next stage in its development."