SIGMA PRECISION COMPONENTS

Company overview

Based in Leicestershire, Sigma Precision Components is a leading manufacturer of precision-engineered assemblies and components for the global aerospace market. Today it operates from 5 locations – three in the UK and two in China.

Back in May 2016, Silverfleet Capital Partners backed a buyout led by Sigma Founder Mark Johnson, and at this time Directorbank’s Simon Thomas was asked to secure a new CFO for the business. Ed Riley was successfully appointed.

Fast forward four years and, having worked with both Silverfleet and Sigma on other assignments, Simon was again appointed to secure a new CEO. This would facilitate an orderly succession plan as Mark Johnson looks to build a non-executive career.

Brief 

Under Silverfleet’s ownership, Sigma is expected to continue its growth trajectory with the largest portion of foreseen sales coming from existing key clients including Rolls Royce, Safran, PFW and BAE as well as new customers such as GE, Pratt & Whitney and Airbus.

The incoming CEO will take responsibility for defining, communicating and executing the organisation’s future strategy and meeting the growth expectations of the investors. They will take a ‘hands on’ approach in expanding the company’s market footprint, building the team, driving operational excellence and strengthening existing client relationships. An aerospace background is a necessity.

Process 

More than 70 candidates were identified using a wide variety of research methods and tools including comprehensive candidate mapping, targeted online search and candidate identification from companies that had recently gone through an exit process. Directorbank’s known network was also analysed to identify candidates and strong referral sources.

Simon then comprehensively screened 24 individuals before interviewing nine and shortlisting five for Client assessment.

Result

Richard Bower has been successfully appointed as CEO and commenced in the role this July.

He has significant aerospace and private equity experience having been CEO of Aim Altitude, an LDC and latterly Towerbrook-backed cabin interiors business that designs and manufactures a range of galley and storage areas for Boeing, Airbus and the leading airlines. The business was acquired by Avic, a Chinese state owned enterprise, in 2016.