RSM has advised on the sale of LPW Technology, a leading manufacturer of ultra-clean Additive Manufacturing metal powders used for 3D printing, to Carpenter Technology Corporation, a leading producer and distributor of premium specialty alloys, for approximately $81 million.
Award-winning LPW Technology, based in Widnes with additional processing operations near Pittsburgh, Pennsylvania, provides state-of-the-art metal powder to clients across the globe to support 3D modelling production. The company has recently invested in state-of-the-art atomisation and software capability and is at the forefront of metal powder Additive Manufacturing (AM).
US-based Nasdaq listed Carpenter Technology Corporation develops, manufactures and distributes stainless steels and special corrosion-resistant alloys, supporting a range of sectors with a focus on the aerospace, industrial, energy, transport and medical industries.
The transaction combines two complementary businesses and strengthens LPW’s offering; geographical reach; and position as a global leader in the AM industry.
RSM’s team, led by corporate finance partner James Wild with support from Matt Ritchie and Neil Patel, advised the shareholders of LPW Technology. DWF’s Frank Shephard, Vicky Thomas, Matthew Judge, Rebecca Gargary and James Cashman (Tax) acted as legal advisors.
James Wild, corporate finance partner at RSM, said:
‘Additive Manufacturing is an accelerating industry, and as the technology advances this looks set to continue with more applications using this method of production. LPW has the expertise and innovation to maximise the growing opportunities for its technologies and today’s deal delivers scale, reach and operational synergies that supports its ambitious growth strategy.’
Frank Shephard, National Head of Corporate at DWF said:
'We have worked with Phil and the management team from the early stages of LPW's development to the international business it is today. This deal allows LPW to continue to expand its technology and process offering to the AM industry and is another example of DWF's technology sector and international deal capability.'
‘LPW’s innovative platforms and enabling technology further solidify Carpenter’s position as a preferred provider of end-to-end next generation Additive Manufacturing solutions,’ said Phil Carroll, LPW’s founder. ‘I’m extremely proud of the accomplishments we’ve achieved at LPW and I’m excited to be part of Carpenter’s continued growth and leadership in AM.’