Greenbriar Acquires Parkway Aerospace & Defense
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Greenbriar Acquires Parkway Aerospace & Defense

parkway nfParkway Products has completed the sale of its Parkway Aerospace & Defense business to EDAC Technologies, a portfolio company of Greenbriar Equity Group which was acquired in March 2013.

“The combination of Parkway Aerospace & Defense and EDAC brings together two rapidly growing and engineering-led aerospace companies focused on serving a common set of customers with world-class manufacturing and design capabilities,” said Noah Roy, Managing Partner at Greenbriar.

Parkway Aerospace & Defense is a provider of polymer-matrix composite engine components and aerostructures. Parkway Aerospace & Defense facilities are located in Erlanger, KY, and Saltillo, Mexico, and focus on injection, compression and resin transfer molding, autoclave production and aerospace-specific assembly (www.aerospace.parkwayproducts.com).

Nick Bitter, President of Parkway Aerospace & Defense, and his management team will continue to lead the business post-sale in a newly formed subsidiary, EDAC Composites, which will be headquartered in Erlanger, KY.

EDAC Technologies is a diversified manufacturing company serving the aerospace and industrial markets. In the aerospace sector, EDAC offers design and manufacturing services for commercial and military aircraft, in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines. Industrial applications include high-precision fixtures, gauges, dies and molds, as well as the design, manufacture and repair of precision grinders and precision spindles. The company is based in Cheshire, CT (www.edactechnologies.com).

“Parkway’s highly regarded aerospace composite manufacturing and engineering expertise, and decades-long track record of partnership with many of EDAC’s largest customers, will enhance the combined company’s strategic position and significantly broaden the manufacturing, engineering, design and development capabilities available to our customers,” said Dominick Pagano, CEO of EDAC.

Greenbriar Equity Group invests from $50 million to $150 million per transaction in the global transportation industry, including companies in aerospace & defense, automotive, freight & passenger transport, logistics & distribution, and related sectors. The firm manages $2 billion of committed capital and is based in Rye, NY (www.greenbriarequity.com).

Houlihan Lokey served as exclusive financial advisor to Parkway Products in this transaction.

Parkway Products is a provider of custom molded products through two divisions: Aerospace & Defense (now sold to Greenbriar Equity Group) and Enterprise Molded Products. Parkway Products will retain its industrial & automotive Enterprise Molded Products business that is headquartered in Florence, KY; with plants in Atlanta, GA; Marietta, GA; Seneca, SC; Loveland, CO; and a separate location in Saltillo, Mexico (www.parkwayproducts.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 7-16-13

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