Kidd & Company has acquired Imaginetics, a manufacturer of precision metal components and assemblies for the aerospace industry.
Imaginetics provides CNC machining, sheet metal fabrication and assembly to its customers which include Boeing Commercial Airplanes, Boeing Defense Services, Hexcel Corporation, Spirit Aerosystems, and Zodiac Aerospace, among others. Imaginetics has 90 employees at its 52,000 square foot manufacturing facility located in Auburn, WA (www.imagineticsinc.com).
Centerfield Capital Partners (www.centerfieldcapital.com) provided subordinated debt and equity to support the transaction. BMO Harris Bank provided senior debt.
“We are impressed by the breadth of the company’s capabilities, spanning metal fabrication, CNC machining and part-to-part and final assembly, to offer customers a single-vendor solution for a variety of complex manufacturing needs,” said Donald Hardie, a Partner at Kidd & Company. “We are excited to partner with the management team to build on the terrific foundation they have created and, together, plan to continue to grow Imaginetics by serving the increasing demands of its customer base.”
In connection with the transaction, Imaginetics has promoted Scott Strong to President and Pat Prince to Vice President of Operations, while adding Bob Mozzacavallo as the company’s new Chief Financial Officer and Michael Cook as the new Vice President of Sales, Marketing and Contracts.
“We are very excited about our new partnership with Kidd & Company. There are many growth opportunities for Imaginetics and we are confident in our ability to capitalize on them with the help of our newly expanded management team and the additional resources that come from the Kidd & Company team,” said Mr. Strong.
Kidd & Company is the private investment arm of the Kidd Family Office and is engaged in sponsoring private equity transactions in the lower middle market. The firm was founded in 1976 and is headquartered in Old Greenwich, CT (www.kiddcompany.com).
“This investment fits perfectly with Kidd & Company’s investment strategy of partnering with management teams to transform businesses in industries undergoing change in order to build fundamental value. We are very excited about the opportunities within the aerospace sector and are thrilled to be partnering with Scott and the expanded management team to take the company to the next level,” said Tony Castor, a Kidd & Company Partner and Board member of Imaginetics.
© 2013 PEPD • Private Equity’s Leading News Magazine • 1-24-13