BGF has entered into a binding agreement to sell Walker Precision Engineering, a leading provider of mission-critical components to the advanced technology Aerospace and Defence markets, to Karman Space & Defense (NYSE:KRMN). Karman is a US-headquartered leader in the design, development and production of integrated systems for the Space and Defence sectors.
Following BGF’s investment, Walker has more than doubled annual revenues and significantly expanded its operations in the UK and mainland Europe with specialist machinery, a purpose-built facility in Basildon and increased capacity at its manufacturing facility in Poland.
Since its inception in 1979, Walker has established multi-decade relationships with key defence primes, developing a vertically integrated one-stop shop performing all critical processes in-house. Following the appointment of CEO George Adams and other new senior leadership members, the business has significantly strengthened its operational capabilities, driving demand for new business.
The acquisition will support Karman’s global expansion, providing a European launch pad to add to its 17 sites across the US. Walker’s customers and technology capabilities represent a highly complementary fit with Karman’s, providing the joint customer base with an enhanced set of solutions to solve mission critical challenges.
George Adams, CEO of Walker Precision Engineering, said: “The relationship built with Michael and the team at BGF has been instrumental in helping Walker reach this stage of growth. This support has extended far beyond capital, providing valuable strategic guidance while allowing us to retain our long-term vision and culture as a family business.”
“Over the past eight years, Walker has invested in our people, facilities and capabilities to become a trusted manufacturing partner to industry leaders across the Aerospace, Defence and Space sectors. Joining the Karman family marks an exciting new chapter that will allow us to build on those foundations.”
Michael Berger, Portfolio Director at BGF, said: “The Walker team has built an exceptional business with a reputation for engineering excellence. BGF has been privileged to support the team for the last eight years of its journey to becoming an indispensable partner to the UK defence sector, from multiple rounds of investment to augmenting its management team. Joining Karman is an excellent long-term fit for the business.”
