Acorn Growth Companies and The Edgewater Funds have partnered to acquire Tods Aerospace & Defence, a UK-based manufacturer of advanced materials. Tods will be consolidated with AGC Composites & Aerostructures, an existing portfolio company of Acorn Growth Companies.
Tods Aerospace & Defence specializes in the engineering, design and manufacture of advanced materials used in aerospace and naval acoustic structures. The company is based in Crewkerne, UK (www.tods.co.uk).
AGC Aerospace & Defense is a supplier of technologies, systems and services that are used to support commercial and military programs. Capabilities within the AGC Aerospace & Defense portfolio range from financing, engineering, and integration services to manufacturing, logistics, and aircraft modifications. AGC Aerospace & Defense is organized into four operating groups: Composites & Aerostructures, Finance, Integrated Defense, and Services. The company is headquartered in Oklahoma City, OK (www.agcaerospace.com).
“This transaction is another exciting step in our global growth strategy,” said Rick Nagel, Acorn Growth Companies Partner. “Tods’ sophisticated engineering, design and build experience will further complement our capabilities and also strengthens and diversifies our existing customer base.”
Tods represents the fifth add-on acquisition for AGC Aerospace & Defense and the second international joint venture between Acorn and Edgewater. In December 2012, Acorn and Edgewater partnered to acquire Paul Fabrications, a Derby, UK based manufacturer of metal assemblies used in the aerospace, power generation and nuclear fueling industries (www.paulfabrications.com).
Acorn Growth Companies invests exclusively in aerospace and defense opportunities and oversees management and control of the AGC Aerospace & Defense portfolio companies. The firm has over $200 million under management with companies across the United States and United Kingdom, operating worldwide under its primary banner, AGC Aerospace & Defense. Acorn Growth is headquartered in Oklahoma City, OK (www.acorngrowthcompanies.com.
The Edgewater Funds invests in companies with revenues from $20 million to $500 million and EBITDAs from $5 million to $30 million. Sectors of interest include business services, financial and government services, consumer products and services, health care services, IT services and software, and basic industries. The firm has $1.4 billion in committed capital and is based in Chicago (www.edgewaterfunds.com).
Caltius Capital Management and PNC Bank provided debt financing for the transaction. Lincoln International represented AGC Composites & Aerostructures.
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-12-13