Tribus Aerospace, a portfolio company of Shorehill Capital, has acquired Precision Aerospace Corporation and its sister company Precision Micro Mill.
Shorehill Capital formed Tribus Aerospace in June 2017 to acquire Advanced Machining & Tooling (AMT), a manufacturer of complex, precision machined parts and assemblies used in the aerospace, military, space, industrial, medical, electronics, and laser industries. AMT’s machining capabilities include precision CNC machining, electrical discharge machining (EDM), and waterjet cutting. The company is headquartered near San Diego in Poway, CA (www.tribusaerospace.com) (www.amtmfg.com).
Precision Aerospace (PAC), based in Grand Rapids, MI, is a manufacturer of complex parts and assemblies for a range of commercial aerospace and defense applications. Products include hydraulic manifolds, port caps, mounting flanges, housings, rotor parts and assemblies used in hydraulic pumps, fuel systems, and transmissions. Precision Micro Mill (PMM), located 10 miles south of Grand Rapids in Wayland, MI, is a captive contract manufacturer to PAC specializing in small volume, short lead time parts (www.precision-aerospace.com).
Precision Aerospace was founded as Precision Template Co. in 1956 by Marinus VanderKodde and Burt Ericson – both were past employees of Lear Siegler, a maker of a range of products from car seats and brakes to weapons control gear for military fighter planes. Precision Template focused on the aerospace industry right away and served local avionics manufacturers like Lear Siegler. Roger Driesenga purchased the company in 1968 and changed the name to Precision Sheetmetal & Machine and began manufacturing machined parts. William (Bill) Hoyer began working at Precision Sheetmetal in 1988 as a Product Engineer and in 1990 he purchased a majority ownership stake in the company. In 1998 the company changed its name to Precision Aerospace Corporation.
Mr. Hoyer, President and sole owner of both PAC and PMM, will continue as President of both companies and will become a shareholder in Tribus Aerospace. “Bill has built an impressive business at PAC, with significant growth potential across a range of attractive commercial and military platforms. We are excited to partner with Bill and his teams at PAC and PMM,” said Doug Knoch, a Managing Director at Shorehill Capital.
Shorehill Capital makes control investments in North American-based middle market companies that have from $3 million to $15 million in EBITDA and enterprise values of $25 million to $150 million. Sectors of interest include engineered industrial products, industrial services, and value-added distribution. The firm was founded in 2013 by its managing partners Brian Simmons and Dave Hawkins, both former senior executives of CHS Capital. Shorehill is based in Chicago (www.shorehillcapital.com).
“The acquisitions of PAC and PMM fit precisely with our strategy to build Tribus Aerospace into a leading supplier of critical aircraft turbine engine, motion control and flow control components and assemblies,” said Scott Shedd, Co-Chairman of Tribus Aerospace. Tribus Aerospace is actively seeking to acquire additional aerospace and defense-focused precision machining companies.
Comerica Bank provided financing to Tribus Aerospace to fund this transaction.
© 2018 Private Equity Professional | March 2, 2018
