“We are thrilled to invest in such a high quality company. Sheffield is well-positioned within the industry and we are very bullish on the company’s future prospects,” said Mike Fourticq, Sr., Managing Partner of Hancock Park Associates.
Sheffield Manufacturing is a provider of machining, sheet metal, and welding products to the aerospace industry. Sheffield products are manufactured using aluminum, stainless steel, titanium, magnesium, copper, nylon, brass, and Inconel (a nickel-chromium-based super alloy). Customers include, among others, Boeing, Lockheed-Martin, and Northrop Grumman. Sheffield is headquartered in Los Angeles and operates three manufacturing facilities in Sun Valley, CA (headquarters); Torrance, CA; and Chino, CA (www.sheffield-mfg.com).
“We are excited about the opportunity to partner with Hancock Park and Next Point, which have an in-depth understanding of our business and industry. We are very pleased to have long-term oriented and experienced strategic investors that will support our strategy of producing high quality products,” said Gene Ruddy, CEO of Sheffield.
Hancock Park Associates makes control equity investments in companies with revenues of between $25 million and $200 million and EBITDA ranging between $2 million and $20 million. The firm invests across a range of industries however manufacturing and specialty retailing are sectors of specific interest. Hancock Park was founded in 1986 and has offices in Los Angeles and Houston (www.hpcap.com).
“We are really excited to team up with Hancock Park Associates given their deep expertise in aero-structures. We also look forward to supporting management with their strategic growth plans,” said Mark Mickelson, Managing Partner of Next Point.
Next Point Capital invests from $1 million to $5 million of debt and equity in companies with revenues of at least $25 million and EBITDAs of at least $3 million. The firm is based in Los Angeles (www.nextpointcapital.com).
Salem Partners, a Los Angeles-based investment bank focused on middle-market mergers and acquisitions (www.salempartners.com), advised Sheffield Manufacturing on this transaction.
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-10-13