Alantra advises Lincotek on the acquisition of Hitemco

Jun 2022

Buy-side advisory

Boston – Alantra, the global investment banking firm and asset management specialist, is pleased to announce that Lincotek, a global contract manufacturer with divisions in surface solutions, medical, capital equipment, and additive manufacturing, has acquired Hitemco LLC, a leading provider of surface preparation for critical Aerospace & Defense components. The transaction closed on June 17, 2022, and terms were not disclosed.

Hitemco, a private, US family-owned company, is a leader in diffusion and plasma thermal spray coatings and high-velocity oxygen fuel (HVOF) coatings. It also offers in-house surface finishing, grinding and fulfillment capabilities. Established in 1974, the company is a key provider for mission-critical components within the aerospace, ground-based turbine, nuclear and hydrogen fuel cell industries. Hitemco has 110 employees and operates an 80,000 sq. ft plant in Old Bethpage, NY.

This highly complementary acquisition gives the Lincotek Surface Solutions division access to an enhanced set of integrated services for its current aerospace and defense customers and further expands its reach into both the US market and additional sector verticals. Lincotek is headquartered in Parma, Italy.

“This is another vitally important acquisition for us as we are always looking to enhance our offering and provide the best possible partnership for OEMs,” said Winfried Schaller, the CEO of Lincotek Group, in a company statement. “Hitemco has an outstanding service reputation across many industry segments, and we are delighted to be able to integrate the company’s diffusion coating and thermal spray capabilities with our own. Customers will be assured of the highest possible quality and best possible service.”

“We have had a long-standing relationship with Lincotek and are delighted to see them acquire Hitemco,” said Wade Aust, Managing Partner at Alantra. “This transaction is another great example of Alantra supporting European corporates with their development in North America and highlights our experience with companies that provide services to the leading A&D and power generation Original Equipment Manufacturers.” 

“Alantra’s A&D practice and relationships are quite global, so we are able to find the best home for companies,” said David Waldstein, Managing Director at Alantra. “We facilitated an introduction between Lincotek and Hitemco several years ago which allowed the stakeholders of both companies to build a relationship and get a sense of the strong business and cultural fit. In this case, Lincotek was the ideal suitor for Hitemco and its employees, and it is rewarding to see that relationship result in such a complementary transaction.”

This is the fourteenth Aerospace & Defense related transaction completed by Alantra in the past eighteen months and speaks to Alantra’s strong momentum in the sector. The Alantra US team advising Lincotek included Mr. Aust and Mr. Waldstein.