Platte River Ventures has announced the sale of its portfolio company, PRV Aerospace, to Court Square Capital Partners. “We have had an exceptional relationship with Platte River, and my team and I have valued their strategic insight and guidance over the past several years,” said Richard Wood, CEO of PRV Aerospace. “We are pleased that this sale will deliver attractive returns for Platte River’s investors and wish them continued success. We now look to build on the strong base we created in close partnership, this time with Court Square.”
PRV Aerospace is a precision manufacturer of flight critical components for the commercial aerospace and defense industries. Comprised of six operating facilities, PRV Aerospace performs machining of hard metals and aluminum, sheet metal fabrication, assembly and test, repair and overhaul, and lower tier supply chain management. The company is headquartered in Everett, WA (www.prvaerospace.com).
Platte River formed PRV Aerospace in January 2010 by consolidating the four aerospace operating companies it had acquired between 2006 and 2008, and PRV Aerospace subsequently completed two strategic add-on acquisitions in 2010 and 2011.
“We are proud of the business that Platte River and PRV Aerospace management have built over the past six years, which is the result of our vision to develop a leading aerospace and defense supplier,” said Platte River Managing Director Greg Sissel. “Richard Wood and his team have built a strong foundation from which the business can continue to grow into an even more strategic supplier to the leading OEMs and Tier-1s.”
Platte River Ventures invests in small and middle market operating companies, targeting equity investments between $5 million and $40 million in companies with revenues between $10 million and $200 million. Industries of interest include industrial and energy services, aerospace, metals, chemicals, agriculture and industrial minerals. The firm is based in Denver, CO (www.platteriverventures.com).
Court Square Capital Partners was established as an independent private equity firm by the former members of Citigroup Venture Capital Equity Partners. Court Square is focused primarily on leveraged buyout transactions in the middle market. Sectors of interest include business services, general industrial, healthcare and technology/telecommunications. Court Square currently manages approximately $3.5 billion of capital and is based in New York, NY (www.courtsquare.com).
Bartlit Beck Herman Palenchar & Scott served as legal counsel to Platte River and Bank of America Merrill Lynch served as the exclusive financial advisor to PRV Aerospace.