Lincoln International advised Mutares on the sale of Special Melted Products to Cogne Accial Speciali

Mutares has sold Special Melted Products to Cogne Accial Speciali, a subsidiary of Walsin Lihwa

Special Melted Products

Special Melted Products (SMP) is a leading manufacturer of premium specialty steels and nickel-based super alloys used in critical applications in the aerospace, oil and gas and nuclear industries. SMP has core expertise in the production of critical rotating mainline engine shafts for the world’s leading jet engine and aerospace original equipment manufacturers as well as in supplying reforging quality billet and machining bar for many component producers in the aerospace supply chain. It further supports major oil and gas and oilfield service companies with its proprietary high-strength stainless steel used extensively in bottom hole assemblies along with its proprietary high-strength stainless steel non-magnetic grades. The company is headquartered in Sheffield, UK and has more than 200 employees.

The Deal

Mutares has sold SMP to Cogne Acciai Speciali for an enterprise value of approximately EUR 180 million. After acquiring SMP from Allegheny Technologies Incorporated, Mutares and the company’s local management successfully implemented a full scope of turnaround measures, including cost and working capital optimization programs, manufacturing and system improvements as well as further product diversification and business development actions. SMP will increase Cogne Accial Speciali’s presence in its core markets and be a significant step in its growth strategy.

Our Perspective

Matthew Buck, Managing Director in Lincoln’s Industrials Group, commented, “We are delighted to have supported Mutares on their exit from SMP which will represent the most successful exit in their history. Cogne is deservedly the right home for SMP and will undoubtably take it to new levels. The outcome of the deal highlights the very strong mergers and acquisitions execution capabilities of Lincoln’s Industrials Group.”

It was a pleasure to work with Lincoln who managed a fast and targeted process in an outstanding manner, not only creating value for us but achieving a great result for all stakeholders in the transaction. In Cogne, SMP certainly has a best new owner who will inject further impetus to the company’s current growth.
Ivo Hobson, Director at Mutares
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