Tribus Aerospace, a portfolio company of Shorehill Capital, has acquired Midwest Precision Holdings.
Midwest Precision (formerly Midwest Screw Products) is a manufacturer of components used in aerospace, defense, energy and engineered products applications. The company specializes in close tolerance CNC machining of all types of stainless steels, nickel alloys, titanium, aluminum, steel, brass and plastics in complex configurations.
Midwest Precision was founded in 1953 and has a 38,000 sq.-ft. manufacturing and headquarters facility near Cleveland in Eastlake, OH (www.midwestllc.com).
Tribus Aerospace is an aerospace, defense and industrial manufacturing company. Shorehill formed Tribus 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).
In March 2018, Tribus acquired Grand Rapids, MI-based Precision Aerospace and its sister company Precision Micro Mill, manufacturers of complex parts and assemblies for a range of commercial aerospace and defense applications (www.precision-aerospace.com).
“Midwest Precision is our fourth acquisition since founding Tribus Aerospace in June 2017. The acquisition of Midwest Precision is aligned with our strategy to be the supplier of choice for precision power, propel and control product solutions,” said Bob Ellithorpe, chief executive officer of Tribus.
Tribus continues to seek additional acquisitions of aerospace and defense-focused manufacturing companies. “Our growing platform delivers value-added product solutions to our OEM and Tier I customers, who are seeking best-in-class suppliers to support their growth,” said Simon Farhi, co-chairman and chief financial officer of Tribus.
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).
Antares (www.antares.com) provided debt and equity capital to Tribus to back the acquisition of Midwest Precision.
© 2019 Private Equity Professional | March 13, 2019