Littlejohn & Co. has signed an agreement to sell its portfolio company, Synchronous Aerospace Group, to Precision Castparts Corp.
“It was a great pleasure to work with the Littlejohn team who gained a deep understanding of our business and operations, and were deeply engaged in helping us plan and execute on our targeted operational initiatives,” said Ron Case, President and Chief Executive Officer of Synchronous. “We thank them for their support.”
Synchronous is a supplier of assemblies and components used in aircraft in the commercial aerospace and defense markets. The company’s products include mechanical assemblies such as high-lift mechanisms and secondary flight controls, and structural assemblies which include wing ribs, bulkheads, and track and beam assemblies. Synchronous’ core capabilities include gantry machining, hard-metal machining, high-speed machining, turning, sheet-metal forming, and metal and composite bonding. Synchronous has 700 employees at its four operational centers located in Wichita, KS; Santa Ana, CA; Kent, WA; and Tulsa, OK. Synchronous is headquartered in Santa Ana, CA (www.syncaero.com).
“Under the leadership of Ron Case over our ownership period Synchronous developed and executed against a set of meaningful strategic and operational initiatives to both expand the company’s book of business as well as enhance its profitability, all while creating an enterprise that is an integral part of its aerospace customers’ supply chains,” said Edmund Feeley, Managing Director of Littlejohn.
Lazard acted as the exclusive financial advisor and Morrison Cohen acted as legal counsel to Synchronous.
Littlejohn & Co. makes control and non-control investments in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth. The firm is currently investing from Littlejohn Fund IV which has over $1.3 billion in capital commitments. Littlejohn & Co. is based in Greenwich, CT (www.littlejohnllc.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-27-12
