Bain Capital

Acquisition of the company ITP Aero by Bain Capital.

Challenge

The Public Affairs team at LLYC has provided its institutional relations and political intelligence advisory services to the North American investment fund Bain Capital in the acquisition process of ITP Aero, owned of the British company Rolls-Royce.

ITP Aero is an aerospace company with headquarters in Zamudio (Biscay, Basque Country), which has developed its activity with tremendous success in recent years both in the civil aviation field and in various projects in the defense sector.

LLYC worked on the creation of an institutional narrative and a relations plan with the competent public authorities (Government of Spain and Regional Government of the Basque Country) which helped the client overcome its weaker position in the acquisition process. To achieve that, it had to take into account both the demands of the Regional Government of the Basque Country to consolidate ITP’s activity due to its importance for industry in the region, and, above all, highlight the experience of Bain Capital in the field of investments with a clear industrial component, along with its commitment in the medium term to collaborate with the Government of Spain in the creation of a national champion in the defense sector. LLYC’s work was also aimed at collaborating with the client in seeking out the best business alliances for the incorporation of a Spanish industrial consortium that generates certainties for the national and local authorities.

Impact.

The result of the collaboration with Bain Capital led to the conclusion of a preliminary agreement with Rolls Royce for the acquisition of ITP Aero with the approval of the Government of Spain and the Regional Government of the Basque Country. We currently continue to work with Bain Capital in processing the administrative authorization by the Government of Spain, prior to the definitive closure of the operation.

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