Hexagon Purus ASA (“Hexagon Purus” or the “Company”), completed the divestiture of its aerospace business to Space Exploration Technologies Corp. (“SpaceX”). The transaction comprises the sale of 100% of the shares of Hexagon Masterworks Inc. (“Masterworks”) which supplies high-pressure composite storage cylinders for aerospace and space launch applications.
The divestment was driven by Hexagon Purus’s strategic portfolio review and primary focus on its zero-emission hydrogen mobility and infrastructure solutions sectors.
“I am pleased that we have found a new home for Masterworks with an owner that views our composite cylinder expertise as world-class and intends to integrate the business into its supply chain to support its long-term growth”, says Morten Holum, CEO of Hexagon Purus.
Philpott Ball & Werner, LLC served as exclusive financial advisor to Hexagon Purus ASA.
About Philpott Ball & Werner, LLC (“PB&W”)
Founded in 1991, PB&W is a premier middle-market investment bank that provides merger, acquisition, company sale advisory services, as well as providing fairness opinions and select private placements. PB&W is a specialized boutique focused on advising defense, aerospace, space, intelligence and industrial companies. PB&W serves North America, the United Kingdom and the European Union with offices located in Salem, New Hampshire and Charlotte, North Carolina. To learn more about PB&W, please visit us at www.pbandw.com.
