Belcan acquires Sitec
Above: Keith Matthews – Belcan President (left) and David Medlock – Sitec (right).
Terms of the transaction, which closed on 1 February 2019, were not disclosed. Belcan is a portfolio company of AE Industrial Partners, LP, a private investor in aerospace, power generation and specialty industrial companies.
Sitec is an award-winning UK-based engineering services and technical recruitment supplier serving aerospace, defence, nuclear and industrial customers in the UK and Europe. Established in 1951, Sitec has built relationships with many leading aerospace manufacturers, and boasts internal capabilities in engineering design & development and maintenance & support, holding both industrial and company-specific accreditations. Sitec’s technical recruitment business provides services to a wide range of sectors, with longstanding relationships spanning industry-leading companies.
Lance Kwasniewski, CEO of Belcan, said: “The acquisition of Sitec represents significant progress for Belcan’s global strategy, strengthening our international reach and bringing additional engineering capability and experience. Sitec, in combination with our existing UK and European business, provides extended breadth and technical depth of resources to serve our growing global customer base.”
David Medlock, Chairman of Sitec, said: “Sitec has been a family-owned business since its founding in 1951 by Len Medlock, and we have spent many months looking for the right team to take over the reins and lead the company in its next stage of growth. The directors of Sitec believe we have found the perfect partner in Belcan and we look forward to enhanced opportunities as we remain dedicated to providing our customers with first-class services.”
Kirkland & Ellis LLP served as legal advisor and PricewaterhouseCoopers LLP served as financial advisor to AEI. Lincoln International served as exclusive
financial advisor to the Sitec Board.
