Aerospace and defense investor Avem Partners has acquired Astech Engineered Products, a designer and manufacturer of aerostructures.
Investing in the transaction alongside Avem Partners and its principals are True West Capital, several aerospace industry executives, and other high-net-worth individuals.
Astech is a supplier of welded honeycomb metallic aerostructures used in aerospace and defense applications. The company’s products include acoustic ducts, aircraft engine nozzles, engine exhaust structures, heat shields, and other specialized parts for commercial and military aircraft, missiles, and space vehicles.
Astech filed for Chapter 11 bankruptcy protection in July 2022. The company was founded in 1947 and is headquartered near Los Angeles in Santa Ana, California.
Avem Partners invests from $10 million to $50 million in founder-owned, lower middle-market aerospace and industrial companies that have revenues from $15 million to $200 million and EBITDA of at least $3 million. The firm was founded in 2017 by partners Mike Fourticq, Brian Leibl and Ken Watler and is headquartered in Los Angeles.
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 Los Angeles-based firm has a broad range of industry interests.
© 2023 Private Equity Professional | May 26, 2023
