Deal announcement: Corbett Keeling advises Oldham Engineering on its sale to ASDAM, a leading Australian defence manufacturer and exporter

Corbett Keeling is delighted to announce the sale of Oldham Engineering, a long-established precision engineering business serving the defence, nuclear, oil and gas, steel, rail and other high-integrity engineering sectors, to Australian Sovereign Defence and Advanced Manufacturing (ASDAM), a leading Australian defence, advanced manufacturing and sustainment company. The transaction gives Oldham the backing of a larger group, positioning it to accelerate its growth and strengthen its role as one of the UK’s leading defence manufacturers, with enhanced UK–Australia cooperation.

Founded in 1861, Oldham has a long and proud history. It was acquired by the Dunigan family in 1993 and has since built a strong reputation for its technical capability, high-integrity engineering and long-term customer relationships. This deal represents a full exit for the Dunigan family, marking the close of more than thirty years of stewardship.

ASDAM has leading capabilities in advanced manufacturing and sustainment, supports a number of defence and non-defence programmes and has long-term relationships with governments, defence prime contractors and other industrial customers. With a portfolio of businesses including Marand, TAE Aerospace, Rosebank Engineering, Levett Engineering and Quickstep, ASDAM operates across 20 locations in Australia and the US. The acquisition of Oldham complements ASDAM’s existing capabilities and further expands the group’s capacity to deliver high-quality, high-compliance engineered solutions across allied supply chains.

Corbett Keeling supported Oldham from the earliest stages of its sale journey. Our Positioning and Readiness Optimisation (PRO) Review laid the foundations by assessing value, identifying opportunities to strengthen the business ahead of sale and preparing it for detailed buyer scrutiny. This preparatory work helped Oldham articulate its most compelling sale messages and gave the shareholders confidence as they embarked on the process.

Following the PRO Review, Corbett Keeling launched a global sale process, approaching a wide range of potential acquirers across trade and private equity. Leveraging our experience and our international Globalscope network, we generated strong interest from a diverse pool of buyers and guided the family through a series of competing offers. Throughout the process, we maintained competitive tension, coordinated management presentations and site visits, and negotiated across multiple deal structures and buyer types to secure the optimal blend of cash received, chemistry with the buyer and certainty of completion.

Managing a broad suite of financial, commercial, legal, tax, IT and property due diligence workstreams, we ensured momentum was maintained through to completion. This approach preserved value and delivered a result aligned with both shareholder expectations and ASDAM’s strategic goals.

Andrew Dunigan, former Managing Director and major shareholder, said:
“This marks an important moment for both the family and the business. After more than three decades at the helm, it was vital to find the right partner to take Oldham forward. As a family, we have felt comfortable passing the organisation to ASDAM, who have demonstrated very similar values that align well with the culture established within the company over many years. Corbett Keeling guided us through every stage, always with our interests at the centre. Their attention to detail, commitment and personal support throughout the process were exceptional.”

Harry Knight, Corporate Finance Director at Corbett Keeling, commented:
“Oldham is a great example of a high-quality British engineering business with deep sector heritage and strong technical capability. It has been a privilege to work with Andrew and his talented team to help them secure the right long-term partner. ASDAM is an excellent strategic fit and brings the scale and international reach that will support Oldham’s next stage of growth. We wish Andrew and the Dunigan family every success for the future and look forward to seeing Oldham thrive in its next chapter.”