Avem Partners has acquired Future Tech Metals, a provider of metal finishing services, from co-owners Tim Gearhardt and Art Medina. True West Capital Partners provided both debt and equity capital in support of this acquisition.
Future Tech operates out of two facilities in Southern California and is a supplier of roughing and finishing services to aerospace forging manufacturers with an emphasis on round forgings that are used on aircraft engines and power generated turbines.
The company has full machining capabilities, from CNC turning to conventional machining, with full secondary capabilities and specializes in working with hard, exotic alloys. Future Tech was founded in 1998 and is headquartered in Riverside, CA (www.futuretechmetals.com).
Avem Partners invests from $10 million to $25 million of equity in lower middle-market aerospace and industrial companies that have revenues from $10 million to $100 million and EBITDA of at least $2 million. The firm was founded in 2016 and is headquartered in Los Angeles (www.avempartners.com). Mike Fourticq, Brian Leibl and Ken Watler – all founding partners – led the transaction for Avem.
True West Capital Partners invests from $5 million to $25 million of junior debt and equity in Western US-based middle-market companies that have revenues of at least $20 million and EBITDA of at least $3 million. The firm has a broad range of industry interests. True West has offices in Portland, San Francisco, Los Angeles and Irvine (www.truewestcp.com). Managing directors Iain Douglas and Brian Hayden, and senior associate Alex Rocca led the transaction for True West.
Studio City, CA-based Backbone Capital Advisors, led by its founder and managing director Britt Terrell, provided debt arrangement services for this transaction (www.backbonecap.com).
© 2018 Private Equity Professional | August 30, 2018