Just in time for Katy Perry’s return to earth, Leggett & Platt announced plans to sell its Aerospace Products Group to affiliated funds managed by Tinicum Incorporated for $285 million. The all-cash deal is expected to close later this year, and is subject to customary regulatory approvals as well as working capital and debt adjustments.
“The Aerospace Products Group is a supplier of complex, highly engineered tube and duct assemblies for use primarily in commercial and military aircraft platforms and space launch vehicles,” according to the deal’s press release. “The business is comprised of seven manufacturing facilities located in the U.S., UK, and France and approximately 700 employees with net trade sales of $190 million in 2024.”
Source: Grand View Research
Just last week, space tourism made headlines as Jeff Bezos’s Blue Origin company completed an all-female voyage into space. The crew included pop star Katy Perry, who sang “What a Wonderful World” while in space, along with journalist Gayle King, Bezos’s fiancée journalist Lauren Sanchez, filmmaker Kerianne Flynn, former NASA rocket scientist Aisha Bowe, and bioastronautics research scientist and civil rights activist Amanda Nguyen. The flight lasted approximately 11 minutes and took the crew over 60 miles above earth, passing the Kármán line, which is considered the boundary between Earth’s atmosphere and outer space.
Source: Pathfinder Merit Fleet
The space tourism industry had reached over $888 million in 2023, and is projected to grow by a compound annual growth rate of nearly 45% between 2024 and 2030. “The market is experiencing significant growth driven by advancements in technology, a growing interest in adventure travel, and the high net worth of individuals interested in orbiting flights,” according to analysts at Grand View Research. “Technological innovations, such as reusable rockets and improved spacecraft designs, are making astronomical travel more viable and cost-effective. This, combined with the increasing demand from affluent individuals seeking unique experiences, is fueling the industry’s expansion.”
With this acquisition, Tinicum seeks to capitalize on this growth, as well as the military and commercial applications for its products. According to DealPulse’s M&A database, which harnesses both AI and attorneys to digest the granular deal points of publicly-announced transactions, Tinicum Incorporated is advised by law firms Goodwin Procter LLP, while Leggett & Platt is advised by Freshfields US LLP.
