SIFCO Industries, Inc. (NYSE MKT: SIF) announced last week that it has entered into a definitive agreement to acquire the Italian-based company C*Blade from Riello Investment Partners. Closing will occur following satisfaction of certain conditions and regulatory approvals, currently anticipated by mid- 2015.
The C*Blade acquisition will deliver important strategic benefits to SIFCO’s target markets of aerospace and energy, including broader reach into the steam turbine market and an opportunity to sell C*Blade’s products in the U.S. market.
C*Blade has been in business for more than 50 years and specializes in the manufacture of steam turbine blades and gas compressor blades for the energy market. C*Blade is a best-in-class manufacturer of critical turbine components with strong machining capabilities and a long track record of serving both OEM and aftermarket customers. Located in Maniago, Italy, C*Blade has approximately 150 employees and annual revenues of approximately US $30 million.
The Benesch team was led by Megan L. Mehalko and included Carrie A. Benedict and local counsel in Italy, Carnelutti Studio Legale Associato.