J.F. Lehman Acquires Majority Stake in Wellman Dynamics
TRM Equity is retaining a minority ownership position in the company
Wellman Dynamics manufactures large-scale, high-complexity magnesium and aluminum sand castings for rotary-wing aircraft components, aeroengine housings, and fixed-wing structures weighing up to 4,000 pounds for major aerospace and defense OEMs.
January 14, 2026|John McNulty
J.F. Lehman & Company has acquired a majority equity interest in Wellman Dynamics in partnership with TRM Equity, which is retaining a minority ownership position in the company. J.F. Lehman’s investment was made through its sixth fund, JFL Equity Investor VI LP.
Wellman Dynamics manufactures large-scale, high-complexity magnesium and aluminum sand castings for rotary-wing aircraft components, aeroengine housings, and fixed-wing structures weighing up to 4,000 pounds for major aerospace and defense OEMs.
In addition to its casting capabilities, Wellman provides secondary processing services including heat treatment, X-ray inspection, non-destructive testing, dimensional verification, core-making, and basic machining preparation such as rough cutting, trimming, cleaning, and surface preparation. The company was founded in 1910, has more than 350 employees, and operates from a 220,000-square-foot manufacturing facility located southwest of Des Moines in Creston, Iowa.
“We are thrilled to partner with J.F. Lehman as we enter the next chapter of Wellman’s growth,” said COO Ralph Clendenin. “J.F. Lehman’s deep sector knowledge and operational expertise make them an ideal partner for our business.”
Alex Harman
“Since its founding more than a century ago, Wellman has established itself as a critical supplier to many of the most prolific aerospace and defense programs due to its differentiated engineering and production expertise,” said Alex Harman, managing partner at J.F. Lehman. “We are excited to partner with TRM and Wellman’s leadership team to build upon the company’s strong foundation as a leading provider of highly complex magnesium and aluminum sand castings.”
J.F. Lehman is a middle-market private equity firm primarily focused on the maritime, defense, and aerospace sectors. The firm typically invests between $50 million and $350 million in companies with EBITDA ranging from $10 million to $75 million.
In December 2024, J.F. Lehman closed its latest flagship fund, JFL Equity Investors VI LP, securing $2.2 billion in capital. This fund is the largest in the firm’s history, significantly exceeding its original target of $1.6 billion. Founded in 1992 by Dr. John Lehman, who served as Secretary of the United States Navy for six years, the firm is headquartered in New York City, with an additional office in Washington, DC.
Ben Hatcher
“Wellman is a scarce asset within the global aerospace and defense supply chain given its unique expertise in magnesium and aluminum alloys,” said Ben Hatcher, managing director at J.F. Lehman. “We look forward to applying our operational and sector-specific commercial expertise to best support the Company’s existing customers, expand its manufacturing capacity, and pursue new growth programs.”
TRM Equity invests in North America- or Europe-based manufacturing-related businesses, particularly those undergoing operational or financial transitions, and have up to $300 million in revenue and from $0 to $20 million in EBITDA. Sectors of interest include metal forming, niche high value-add manufacturing, specialty chemicals, and food and ingredients. TRM was founded in 2019 and is headquartered in the Detroit suburb of Birmingham, Michigan.
Financing for this transaction was arranged by Netrex Capital Markets and provided by a lender group led by Eldridge Capital Management and co-led by Guggenheim Investments and PGIM. Jefferies was the financial advisor to Wellman.
