ShoreView Industries, a Minneapolis-based private equity firm, has acquired Pacific Aerospace & Electronics, a subsidiary of Esterline Corporation.
Pacific Aerospace & Electronics (PA&E) manufactures electronic packaging and connector products and provides machining and sealing processes that protects equipment used in defense (fighter aircraft), medical (cardiac-function devices), energy (oil-drilling tools), and other industrial applications. In 2006, PA&E was acquired by SOURIAU, a manufacturer of interconnect products based in Versailles, France. Esterline acquired PA&E when it acquired the Souriau Group of companies in 2011. PA&E was founded in 2002 and is based east of Seattle in Wenatchee, WA (www.pacaero.com).
ShoreView Industries makes control and minority investments in US-based middle market companies that have revenues from $20 million to $300 million and operating profits from $5 million to $40 million. Sectors of interest include manufacturing, distribution and service providers. The firm currently has $900 million of capital under management and is based in Minneapolis (www.shoreviewindustries.com).
Esterline (NYSE: ESL) is a specialty manufacturer serving the aerospace and defense markets. Esterline announced in September 2014 that it would look to sell certain subsidiaries, including PA&E, that were no longer core to the company’s strategic direction. Esterline is headquartered in Bellevue, WA (www.esterline.com).
Seattle-based investment Zachary Scott & Co. (www.zacharyscott.com) advised Esterline on this transaction.
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-21-15
