This transaction marks the fund’s fifth investment in 2012 and will be made out of American Industrial Partners Capital Fund V, LP, AIP’s $717.5 million fund that closed in December 2011. “We feel fortunate to have found a business with such a unique set of competencies,” said Joel Rotroff of AIP. “We are excited by the outlook for the commercial aerospace industry and look forward to working with management to drive growth and margin improvement.”
AIP Aerospace is comprised of five operating divisions with a total of approximately $210 million in sales. Three divisions are developers of metallic and composite aerospace molds, mandrels, assembly jigs and fixtures and include Odyssey Industries (Lake Orion, MI) (www.odysseytooling.com); Global Tooling Systems (Macomb, MI) (www.global-tooling-systems.com); and Coast Composites (Santa Ana, CA) (www.coastcomposites.com). The remaining two divisions are manufacturers of aerostructure and composite components and include Composites Horizons (Covina, CA) (www.chi-covina.com); and Texstars (Grand Prairie, TX) (www.texstars.com). Through these five operating divisions AIP Aerospace has approximately 1,140 employees and 10 manufacturing facilities located in California, Michigan and Texas.
“We are extremely pleased to be partnering with the American Industrial Partners team. Our shared commitment to build on the demonstrated accomplishments of our businesses, as well as our focus on delivering expanded capabilities and value to our customers will drive profitable growth,” said Norman Jordan, CEO of AIP Aerospace.
American Industrial Partners seeks to acquire control positions in North American headquartered industrial companies with sales ranging from $100 million to $500 million. The firm was founded in 1989 and is currently managing more than $1.1 billion in equity capital. American Industrial Partners is based in New York (www.aipartners.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-20-12