ADC Aerospace, a portfolio company of GreyLion, has acquired Cast-Rite Corporation.
Cast-Rite Corporation (CRC) is a provider of zinc and aluminum alloy die casting and fabrication services including engineering and tooling. Customers of CDC are active in the aerospace, industrial machinery, and defense sectors.
The company operates 14 cold-chamber, die-casting machines for aluminum parts, and 4 hot-chamber die-casting machines for zinc parts at its headquarters near Los Angeles in Gardena, California.
ADC Aerospace is a California-based provider of sand and investment casting, machining, robotic finishing, and assembly services for mid- to low-volume high-complexity components used in the aerospace, defense, medical, automotive, and industrial sectors. ADC has expertise with aluminum, zinc, stainless steel, brass, and Inconel (a nickel-chromium-based alloy).
ADC, led by CEO John Schaefer, operates a 115,000 square foot facility near Los Angeles in Buena Park, California. The company operates 25 high-pressure, die-casting machines, over 50 CNC milling and turning centers. Other capabilities include coating, anodizing, plating, painting, powder coating, assembly and testing. Customers of ADC include Raytheon Technologies, Honeywell, Safran, TransDigm Group, Heico, L3Harris, and Parker-Meggitt.
“We are excited about the opportunity to combine Cast-Rite’s business with our existing capable and scalable platform, ADC Aerospace,” said Mr. Schaefer. “While the manufacturing capabilities between our businesses are very similar, this acquisition provides a unique strategic opportunity and substantial acceleration of our growth plans. Over the next four months, we plan to transition the Cast-Rite business into our ADC Buena Park facilities and have an experienced project team in place to accomplish this goal.”
GreyLion acquired ADC Aerospace (then Alloy Die Casting) from Gladstone Investment Corporation in August 2019.
“John and the entire ADC team have done a terrific job of successfully executing against the company’s strategic business objectives and ensuring that ADC continues to be a leading manufacturer of complex, highly engineered turnkey die-cast parts used in critical applications throughout the aerospace, defense, medical, automotive and specialty industrial markets,” said David Ferguson, a managing partner at GreyLion. “The buy of Cast-Rite will enable the company to enhance the depth and breadth of the solutions it provides its customers and will further position ADC for continued success over the long-term.”
New York City-based GreyLion makes both minority and control investments of $25 million to $125 million in lower middle-market companies that are active in the consumer, industrial, software and services sectors. GreyLion was formed in June 2020 when PWP Growth Equity spun out from Perella Weinberg.
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