The Loar Group, a portfolio company of JLL Partners, has acquired Terry’s Machine & Manufacturing, a manufacturer of aerospace components.
The Loar Group is a platform company formed in 2011 by JLL Partners for the acquisition of companies in the aerospace and defense industries. Loar is led by former executives of McKechnie Aerospace, a former JLL Partners portfolio company, which was sold in December 2010. In 2012, JLL completed the acquisition of Freeman Company, the first transaction for the Loar Group platform. The Loar Group is based in New York (www.loargroup.com).
Terry’s Precision Products is a manufacturer of precision metallic components for the aerospace and defense industry. The company is headquartered in Mukilteo, WA (www.terrysmachine.com). Upon closing, Terry’s Machine & Manufacturing was merged into the Loar Group through a newly formed subsidiary called Terry’s Precision Products. This is the second add-on acquisition for Loar since its formation in 2011.
“We are delighted to add Terry’s to the Loar Group family of companies. The combination of Loar’s aerospace experience, entrepreneurial spirit, and resources with Terry’s deep expertise in the machining of complex aerospace components will result in a stronger enterprise that is better positioned to serve our customers. We are especially excited that Roger Sanford, Terry’s President, is joining the Loar team to help drive growth at Terry’s as well as the broader Loar Group platform,” said Dirkson Charles, CEO of the Loar Group.
JLL Partners seeks to invest in companies across a range of manufacturing and service industries. Sectors of specific interest include healthcare services, medical products, food and consumer products, chemicals, broadcasting, transportation, automotive, industrial manufacturing, and distribution. JLL Partners is based in New York (www.jllpartners.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 9-13-13
