Mesirow Financial Advises Meggitt PLC on the Sale of its Endevco Assets to MTS Systems Corporation
CHICAGO, Sept. 5, 2019 /PRNewswire/ -- Mesirow Financial acted as the exclusive financial advisor to Meggitt PLC ("Meggitt") on the sale of its Endevco assets ("Endevco" or the "Company") to MTS Systems Corporation ("MTS").
Endevco is a leading provider of high-performance sensors and related accessories used for precise vibration, shock, temperature and pressure measurements. Endevco products are primarily used for test & measurement applications where accurate and reliable data is absolutely vital, including R&D, design & validation, structure and machine safety and maintenance, among others. The Company has a diverse customer base serving the aerospace & defense, passenger safety, transportation and general industrial sectors.
Fergus Munro, head of M&A for Meggitt, commented on the transaction, "We are pleased to complete this transaction with MTS and to have the opportunity to work with Mesirow Financial again. Mesirow's strong support throughout the process coupled with their strategic relationships were key to achieving a successful result."
Andrew Carolus, managing director of Mesirow Financial's Investment Banking group, said, "We are honored to continue our partnership with Meggitt to support their strategic plan and the sale of the Endevco assets." Adam Oakley, managing director of Mesirow Financial's Investment Banking group, continued, "The A&D team has supported several of Meggitt's recent assignments and we welcomed the opportunity to collaborate with our Industrial Technology team on this engagement."
Nathan Moeri, director of Mesirow Financial's Investment Banking group, added, "We believe that the combination of the two iconic brands, Endevco and PCB, further enhances MTS' position to better serve the test and measurement sensors segment."
The transaction represents another successful assignment completed by Mesirow Financial's Investment Banking group and highlights the firm's expertise within the Industrial Technology and Aerospace & Defense sectors. With extensive sector-specific expertise and deep long-standing relationships, Mesirow Financial's team has a proven track record of completing highly tailored and successful transactions on behalf of their clients.
About Meggitt PLC
Headquartered in the United Kingdom, Meggitt PLC is an international group operating in North America, Europe and Asia. Known for its specialized extreme environment engineering, Meggitt is a world leader in aerospace, defense and energy. Meggitt employs nearly 11,000 people at 40 manufacturing facilities and regional offices worldwide. To learn more, visit meggitt.com.
About MTS Systems Corporation
MTS Systems Corporation's testing and simulation hardware, software and service solutions help customers accelerate and improve their design, development and manufacturing processes and are used for determining the mechanical behavior of materials, products and structures. MTS' high-performance sensors provide measurements of vibration, pressure, position, force and sound in a variety of applications. MTS had 3,400 employees as of September 29, 2018 and revenue of $778 million for the fiscal year ended September 29, 2018. Additional information on MTS can be found at www.mts.com.
About Mesirow Financial
Mesirow Financial is an independent, employee-owned firm founded in 1937. As specialists in investment, risk management and advisory services, we are committed to helping our institutional, corporate and individual clients achieve their objectives. Our professionals are inspired by an entrepreneurial desire to develop tailored solutions that deliver measurable results. To learn more, please visit mesirowfinancial.com.
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