Gallant Capital Buys Cassavant
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Gallant Capital Buys Cassavant

Gallant Capital Partners has made an investment in Cassavant Machining, a maker of precision machined components and assemblies.

Cassavant is a vertically integrated manufacturer of thousands of components for engines, auxiliary power units (APUs), fuel and fluid systems, gears, hydraulics, and valves for commercial, military and business jet platforms. The company was founded in 1972 and operates a 97,000 square foot facility and headquarters in Phoenix, Arizona.

Gallant’s investment in Cassavant was made in partnership with Joe Cassavant Jr. and Ed Cassavant who will remain significant shareholders in the company.

“Gallant is the perfect partner for Cassavant as we continue to expand our capabilities and strengthen our strategic relationships,” said the Cassavants in a released statement. “As a family-owned and operated business since 1972, it was important for us to identify a partner who shares our values and commitment to quality and customer service. Gallant’s operational capabilities combined with their industry expertise and relationships made a partnership with Gallant the obvious next step for the company.”

“Cassavant’s strong dedication to partnering with and serving the world’s leading aerospace and defense customers make it a very attractive platform investment,” said Jon Gimbel, a partner at Gallant. “Its unmatched service, flexibility and technical capability provide a strong foundation to support its future growth. We are committed to supporting Cassavant with our operational resources and our flexible capital base to drive long term growth, both organically and through strategic acquisitions.”

Los Angeles-based Gallant Capital makes control investments in lower middle-market companies in the technology, industrials and business services sectors that have from $5 million to $25 million of EBITDA. The firm was founded in January 2018 by Mr. Gimbel and Anthony Guagliano, both formerly with The Gores Group.

“We are excited by the outlook of the aerospace industry and look forward to partnering with management to pursue additional growth opportunities where Cassavant can deliver value to its customers,” said Mr. Guagliano. “Cassavant is a strategic investment for Gallant as we continue to build a comprehensive aerospace portfolio.”

Comvest Credit Partners and TCW Group provided the debt financing for this transaction.

© 2020 Private Equity Professional | February 25, 2020

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