MidOcean Acquires Noranco

MidOcean Acquires Noranco

MidOcean Partners has acquired, along with co-investors, a significant equity position in Noranco, a supplier of machined and sheet metal components for the commercial and military aerospace markets.

Noranco is a supplier of complex machined and sheet metal components, assemblies, and kits for OEMs and Tier I suppliers in the landing gear, aero-structures, and aero engines markets. The company focuses solely on the aerospace industry, covering commercial/regional jet, business jet and military/rotorcraft markets. Key customers include Honeywell, United Technologies, Bombardier, Messier-Dowty and Spirit AeroSystems. Noranco is headquartered in Toronto (www.noranco.com).

“Noranco is a company with tremendous technical expertise in producing advanced precision-machined components for the aerospace industry. It serves a broad customer base and a broad base of aerospace platforms, including OEM platforms produced by Boeing, Bombardier, and Airbus,” said Frank Nash, a MidOcean Managing Director. “We anticipate leveraging its impressive capabilities and management team by providing the capital to allow Noranco to continue to support the growth of its customers and to add new capabilities, customers and supported platforms to those Noranco already has.”

With the acquisition of Noranco, Michael Baughan, a MidOcean Executive Board member and former President and COO of B/E Aerospace, will become Chairman of Noranco.

“Noranco is extremely pleased to have completed this transaction with MidOcean Partners. Our position as a leader within this segment of aerospace has been formulated upon great people, precision products, integrated operational excellence, and a world class customer portfolio,” said Noranco CEO David Camilleri. “With the strategic and financial support of MidOcean and its investor group, alongside a very positive market outlook for aerospace, Noranco can now rapidly move forward with the execution of its robust growth strategy.”

MidOcean Partners is a private equity firm focused on the middle market. Industries of interest include consumer, business and media services, and industrial services. The firm has offices in New York and London (www.midoceanpartners.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 4-3-13

To search in site, type your keyword and hit enter