Bridgepoint buys Global Design Technologies

Stirling Square Capital Partners, a UK-based mid-market private equity firm, has sold Global Design Technologies of France and the US to Bridgepoint for €254m.

Global Design Technologies (GDT) is a manufacturer of swaged permanent coupling systems for rigid tubing and pipes used in the aerospace, defence and power markets. The business has operations in Les Clayes-sous-Bois, southwest of Paris, and Gardena, near Los Angeles.

GDT was created through the MBOs and mergers of Permaswage of France and Deutsche Metal Components of the US in January 2005 for a total consideration of US$125m.

Bridgepoint said that the aerospace and defence market was forecast to grow strongly over the next three years, with the permanent couplings aerospace market growing by 9% per annum up to 2010. Power market growth for GDT’s products is estimated at 15% per annum.

Revenues at GDT have increased under Stirling Square’s ownership from US$61m for 2003 to about US$93m in 2006, while its staff has grown from 437 in 2005 to more than 630.

Lazard, Steen Associates, Ashurst and Kirkland & Ellis advised Stirling Square on the transaction. Bridgepoint was advised by Jefferies Quarterdeck, Rothschild, KPMG and Weil, Gotshal & Manges.

London-based Stirling Square is backed by a €250m cornerstone investment from Citigroup. The firm has led 10 leveraged buyouts since its inception in 2002, targets transactions of €50m to €500m from a wide spectrum of industries, and specialises in cross-border deals. Portfolio companies include Whittan Storage Systems, a European manufacturer of steel storage products, which it acquired in February last year, and Public Safety Equipment, a highway safety solutions business it acquired in February of this year.