An aerospace manufacturer has been bought by an investment company amid growing demand for new aircraft globally.

Aeromet – which makes metal castings for the likes of Airbus, Boeing and Rolls Royce – was snapped up by Privet Capital for an undisclosed amount from US-based Black Diamond Capital Management, it was announced on Monday.

The company, which has a turnover of £20 million a year, employs 270 people at its head office in Sittingbourne and sites in Rochester and Worcester.

Its strong order book and improvements to its manufacturing processes, like introducing 3D printers, were key factors in attracting its new owners.

It has a patent on its A20X model, the strongest cast aluminium alloy available today.

Aeromet’s chief executive Jeff Smith will retire as part of the deal after 13 years with the business. The firm’s operations director Simon Holliday will become managing director.

Vardhan Rajkumar, the former chairman of aircraft components manufacturer Thermal Engineering, will join the board as chairman.

Privet Capital’s managing partner Steve Keating will join as a non-executive director.

New 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.”

Chairman Mr Rajkumar added: “Aeromet is a solid business with a strong management team, an enviable order book and world class customers.

“I am looking forward to helping the team capitalise on its track record, further develop operational capacity and build the market for its new alloy A20X.”

Privet Capital was established in 2008 and invests up to £10 million in companies with turnover of between £10 million and £200 million.

Recent investment include aerospace engineers Thermal Engineering, furniture retailer Lombok and corporate events business Global DMC Partners.