Imaginetics, a manufacturer of metal components and assemblies for the aerospace industry and a portfolio company of Kidd & Company and Centerfield Capital Partners, has acquired Azmark Aerosystems, a maker of metal components for the aerospace and defense industries.
Azmark is a precision aerospace CNC machining and engineering services company. Customers include Boeing, Raytheon, Gulfstream, and DARPA, among others. Azmark is located in a 40,000 square foot, state-of-the-art temperature and humidity-controlled facility southeast of Phoenix in Gilbert, AZ (www.azmark.aero). Azmark was formed on July 2010 through the merger of M-DOT, an aerospace design engineering firm, with Astrotronics, a Tier 1 machining supplier to aerospace OEMs.
“We are impressed by the breadth of Azmark’s machining capabilities and how well it complements the capabilities of Imaginetics. This acquisition will allow us to expand our ability to serve our customers and offer them a single-supplier solution for a variety of complex manufacturing needs,” said Scott Strong, President and CEO of Imaginetics.
Imaginetics provides CNC machining, sheet metal fabrication and assembly to its customers which include Boeing Commercial Airplanes, Boeing Defense Services, Hexcel Corporation, Spirit Aerosystems, and Zodiac Aerospace, among others. Imaginetics has 90 employees at its 52,000 square foot manufacturing facility located in Auburn, WA (www.imagineticsinc.com).
“On behalf of Kidd & Company and our partners at Centerfield Capital, we are very excited about the recent acquisition. Azmark has built a great reputation and has talented personnel. With the added strength of Imaginetics, we feel the combined business is positioned to enjoy strong growth by better serving the needs of its long term customers,” said Donald Hardie, a Kidd and Company partner and member of the Board of Directors.
Kidd & Company and Centerfield acquired Imaginetics in January 2013. Kidd & Company is the private investment arm of the Kidd Family Office and is engaged in sponsoring private equity transactions in the lower middle market. The firm was founded in 1976 and is headquartered in Old Greenwich, CT (www.kiddcompany.com).
Centerfield Capital Partners provides subordinated debt and equity financing to middle market companies primarily in the Midwest. Centerfield invests from $2 million to $15 million in profitable growth companies, generally to facilitate changes in ownership, recapitalizations or growth. The firm has approximately $200 million in capital under management and is based in Indianapolis (www.centerfieldcapital.com).
BMO Harris Bank (www.bmoharris.com) provided the debt financing to support the acquisition of Azmark by Imaginetics.
© 2015 PEPD • Private Equity’s Leading News Magazine • 10-21-15