IGP Exits FMH Aerospace
Search
Share on twitter
Share on linkedin
Share on print
Share on email

IGP Exits FMH Aerospace

Industrial Growth Partners (IGP) has sold FMH Aerospace, a manufacturer of aerospace components and assemblies, to publicly-traded AMETEK for $235 million. IGP acquired FMH though its fourth fund in May 2015.

FMH is a manufacturer of components and assemblies for the commercial aerospace, defense, and space industries. The company’s products include metal bellows, bellow joints, metal ducting and metal hoses that are used to transfer fluids and gases that are at extreme temperatures and pressures and in demanding environments. For example, the company’s products are used in the hot section of engines or at cryogenic temperatures in rocket engine applications.  FMH has annual sales of approximately $50 million and is headquartered in Irvine, CA (www.fmhaerospace.com).

“IGP’s support of our company as it transitioned from a family-run business to an institutionally-backed enterprise was crucial,” said Rick Busch, CEO of FMH. “They were an ideal partner as we went through the process of expanding the senior management team, investing in key manufacturing processes and implementing a business operating system for continuous improvement initiatives.  Ultimately, these initiatives enabled us to more than double EBITDA during our partnership with IGP.”

Industrial Growth Partners invests in North American-based manufacturing and manufacturing services companies that have histories of profitability and revenues of up to $250 million. The firm was founded in 1997 and is based in San Francisco (www.igpequity.com).

“FMH is a high-quality acquisition for our Thermal Management Systems businesses with excellent positions across a number of attractive aerospace and defense platforms,” said David Zapico, AMETEK Chairman and Chief Executive Officer. “Its proprietary products and solutions further broaden our differentiated product offering serving these markets.”

AMETEK is a global manufacturer of electronic instruments and electromechanical devices with annual revenues of more than $4 billion.  The company consists of two operating groups: Electronic Instruments and Electromechanical Products. FMH Aerospace will become part of AMETEK’s Electromechanical Products group. AMETEK is headquartered in Berwyn, PA (www.ametek.com).

© 2018 Private Equity Professional | February 2, 2018

Share on twitter
Share on linkedin
Share on print
Share on email

To search in site, type your keyword and hit enter