AEROMET, the Worcester-based manufacturer of metal castings for the aerospace industry, has a new owner.

The company with a foundry in Cosgrove Close has been acquired by Privet Capital, a London investment company which specialises in helping businesses reach their full potential, from American asset management firm Black Diamond Capital Management for an undisclosed amount.

Aeromet is a world class foundry with a turnover of £20m per annum, specialising in complex castings for commercial and defence aerospace applications. It serves large manufacturers such as Airbus, Boeing, Rolls Royce and Bombardier and is the only European investment casting foundry approved by Boeing. It employs more than 270 staff at two sites in Kent and one in Worcester.

Aeromet has a long track record in innovation and has patented A20X, the strongest cast aluminium alloy available today. It continues to develop its manufacturing processes including 3D printing and high property SOPHIA casting.

Vardhan Rajkumar, the former chairman of Thermal Engineering, an aircraft components manufacturer, will join the Aeromet board as chairman and Steve Keating, managing partner of Privet Capital, will join as a non-executive director. Jeff Smith, the current chief executive officer, will be retiring after 13 years with the business. Simon Holliday, currently the operations director, has been appointed managing director.

Mr Holliday, said: ‘We are delighted that Privet Capital has purchased Aeromet. With unprecedented demand for new aircraft, it is an exciting time in the aerospace sector. We look forward to working with Vardhan, Steve and other members of the Privet team as we roll-out our growth plans to capitalise on this demand from existing and new customers.”