London-based distribution group Diploma will acquire aerospace fastener distributor Peerless Aerospace Fastener for $300 million.

Diploma has operated in aerospace fasteners for more than a decade through its Clarendon business. The acquisition of Farmingdale, NY-based Peerless extends its capability from aircraft cabin to airframe and provides solutions to accelerate Clarendon’s growth in the defense and space markets.

The acquisition penetrates further into core developed geographies, extends its U.S. reach from predominantly West Coast to national, and extends its capabilities in Europe.

There are also clear opportunities to cross sell Clarendon product to Peerless customers in the US and Europe and vice versa, Diploma officials said in a March 27 news release.

“We know and like the aerospace fasteners market and Peerless significantly extends our US capabilities and adds scale in Europe,” Diploma CEO Johnny Thomson said. “The business is already generating strong performance and there are significant opportunities to enhance returns by working together across our existing businesses. We expect Peerless to extend our track record of acquisitions that drive organic growth at great returns, as part of our focus on continuing to deliver sustainable quality compounding.”