Accurus Aerospace, a portfolio company of Liberty Hall Capital Partners, has acquired ZTM, a Tier II supplier of large, complex metallic parts and assemblies used in aerospace applications.
ZTM supplies several Boeing commercial aerospace platforms, including the 737 and 787 and lists both Boeing and Spirit AeroSystems as among its largest customers. ZTM was founded in 1989 by Brad Julius and has a 131,000 sq. ft. operating and headquarters facility in Wichita (www.ztm.com).
Accurus Aerospace was formed as a platform company by Liberty Hall in November 2013. Since its formation, Accurus has completed four other add-on acquisitions: Precise Machining & Manufacturing (November 2013); McCann Aerospace Machining (March 2014); LaCroix Industries (July 2015); and J&M Machine (June 2016). Accurus Aerospace is headquartered in Tulsa (www.accurusaero.com).
“The addition of ZTM marks the fifth acquisition for Accurus and a critical step forward as we execute our strategy to build a diversified Tier II aerostructures supplier,” said Rowan Taylor, Liberty Hall’s founding Partner. “ZTM not only expands Accurus’ content on the key 737 and 787 platforms, reinforces our strong relationships with our largest customers and extends Accurus’s geographic presence into Wichita, but also provides Accurus with proven capabilities for delivery of large complex assemblies.”
Liberty Hall invests exclusively in businesses serving the aerospace and defense industry. The firm was founded by Mr. Taylor in July 2011 and is headquartered in New York (www.libertyhallcapital.com).
Philadelphia-based Hamilton Lane (www.hamiltonlane.com) is a co-investor in Accurus Aerospace.
Financing for the buy of ZTM was provided by Bank of America Merrill Lynch (www.baml.com) and Citizens Bank (www.citizensbank.com).
© 2016 Private Equity Professional • 8-9-16
