South Australian precision components and assemblies manufacturer, Levett Engineering, has reached an agreement with CPE Capital for the purchase of the company by ASDAM.
ASDAM is an Australian sovereign defence and advanced manufacturing company, which is owned by CPE Capital.
Levett has established relationships with clients in the aerospace and defence industries, and provides machining, assembly, and inspection of components, according to a statement from Levett.
Clients of Levett include Lockheed Martin, L3Harris, Pratt & Whitney, BAE Systems, Northrop Grumman, and Boeing.
ASDAM is also the owner of Marand Precision Engineering, which similarly supplies the defence and aerospace industries, as well as the rail and mining sectors.
According to Paul Levett, founder and owner of Levett, the acquisition will allow for the company to increase its offering.
“The acquisition by CPE Capital’s Australian defence portfolio company will provide the capacity and capability to better service our existing clients in the Joint Strike Fighter Program, and create the platform to service new clients in different domains and programs.”
Steve Sargent, chairman of ASDAM, noted that Levett would fit within the group’s existing capacities.
“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. We look forward to Levett joining the ASDAM group and growing our presence in South Australia.”
Levett will retain its operations in Adelaide, while drawing upon capabilities located elsewhere in the ASDAM group.