Aerospace and Defense

Blue Point Closes Sale of Selmet

August 8, 2018 by John McNulty

Blue Point Capital Partners has completed the sale of Selmet to Consolidated Precision Products (CPP), a portfolio company of Warburg Pincus.

Selmet is a manufacturer of complex, small to medium-sized titanium investment castings serving the aerospace and defense industries. Utilizing a centrifugal casting process, Selmet produces more than five hundred titanium parts including engine components, torque plates for landing gear, bearing housings and other airframe components.

Selmet is one of four primary suppliers of titanium aerospace and defense castings in the United States. The company, led by CEO Rick Kenyon, was founded in 1983 and is based south of Portland in Albany, OR (www.selmetinc.com).

Selmet was acquired by Blue Point in November 2011 and during its term of ownership the company’s earnings more than quadrupled. The company completed two add-on acquisitions under Blue Point: in March 2015 it acquired Wilsonville, OR-based Western Metrology, a manufacturer of precision aerospace, commercial and military components; and in August 2014 it acquired Mukilteo, WA-based Onamac Industries, a manufacturer and supplier of machined components and assemblies to the aerospace and defense industry.

“Selmet was identified as an opportunity where we would leverage our historical successes in the aerospace and defense sector and partner with an industry-leading management team,” said Mark Morris, a Partner with Blue Point. “It has been a privilege to work alongside Selmet’s team and execute on numerous value-creating initiatives assisted by the guidance of our industry and operational resources.”

Consolidated Precision Products, acquired by Warburg Pincus in October 2011, is a manufacturer of components and sub-assemblies for the commercial aerospace and defense markets. Founded in 1991, the company is one of the world’s largest investment and precision sand casting companies, producing complex super alloy, aluminum, magnesium and steel components for a wide variety of commercial and military aircraft, weapon systems, regional/business jets and helicopters. The company serves a range of global, blue chip customers including, Boeing, Airbus, Hamilton Sundstrand, General Electric, Honeywell, Pratt and Whitney, and Lockheed Martin. CPP is headquartered in Cleveland, OH (www.cppcorp.com).

Warburg Pincus has more than $45 billion in assets under management and has raised 16 private equity funds since its founding in 1966. In November 2015, the firm reached a final close of Warburg Pincus Private Equity XII LP at the hard cap of $12 billion. Warburg Pincus is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore (www.warburgpincus.com).

Blue Point, the seller of Selmet, is a lower middle market private equity firm that invests in manufacturing, distribution and service businesses that have from $20 million to $300 million in revenue and EBITDA greater than $5 million. The firm has over $800 million in committed capital and has offices in Cleveland, Charlotte, Seattle, and Shanghai (www.bluepointcapital.com).

Selmet was a portfolio company of Blue Point’s second fund, Blue Point Capital Partners II LP, which had a final closing in September 2007 with $400 million of capital commitments.

Clairvest Exits MAG Aerospace

June 7, 2018 by John McNulty

Clairvest Group has sold its equity interest in MAG Aerospace to New Mountain Capital. Clairvest partnered with MAG Aerospace through a minority investment in September 2013.

MAG Aerospace is an outsourced specialty aviation and intelligence, surveillance and reconnaissance (ISR) provider to federal, global, civilian, and commercial customers around the world. The company’s services include manned aerial surveillance, unmanned aircraft systems, aviation training, aviation logistics, and technical services.

During Clairvest’s term of ownership, MAG Aerospace’s annual revenues increased from approximately $20 million to over $300 million today. During this time, the company completed four add-on acquisitions, but the majority of the revenue growth was organic.

MAG Aerospace, led by CEO Joe Fluet, is based near Washington, DC in Fairfax, VA (www.magaero.com). “We are very proud of our accomplishments to date and are equally excited by our continued growth prospects,” said Mr. Fluet. “Our partnership with Clairvest was a critical milestone for our company, and Ken Rotman and his team at Clairvest have been ideal partners during MAG’s most challenging years. Clairvest was with us as we grew from a small, emerging company to a market leader in less than five years, a feat we could not have achieved without their help.”

Clairvest invests in mid-market companies, principally in North America, across a range of industries. Clairvest looks to invest from $15 million to $100 million in equity capital in companies with EBITDAs from $5 million to $50 million. Desired ownership percentages range from 20% to 80%. The firm is based in Toronto (www.clairvest.com).

Clairvest and its co-investors realized cash proceeds equal to approximately $110 million on this sale which equated to 8.2 times their invested capital over the investment term. “The value realized in this transaction is a result of the creativity, focus and flawless execution of the MAG management team led by Joe Fluet. That growth will surely continue under the continued direction of Joe and his team as MAG advances to its next stage of development,” said Ken Rotman, CEO of Clairvest.

New Mountain, the buyer of Clairvest’s equity interests in MAG, is an industry generalist and seeks to acquire just three or four companies each year, typically in the $100 million to $1 billion enterprise value range, and generally invests $100 million to $500 million per transaction. In September 2017, New Mountain held an oversubscribed final close of its fifth private equity fund, New Mountain Partners V LP. The new fund closed at its hard cap with just over $6.1 billion of capital commitments. The firm was founded in 1999 and is headquartered in New York (www.newmountaincapital.com).

“MAG has a strong reputation as the emerging leader in the rapidly-growing area of aerial sensors and surveillance, and we are thrilled to partner with Joe and the broader team to support MAG’s next phase of growth,” said Robert Mulcare, Managing Director at New Mountain Capital. “The company has an exceptional track record of growth, driven by its unique capabilities in delivering critical ISR missions, and is superbly positioned to continue that success.”

“New Mountain has been focused in the ISR market for many years, and we are excited to announce a partnership with MAG,” said Bert Notini, Managing Director at New Mountain Capital. “We look forward to working closely with management to help MAG realize its full potential by investing behind both organic growth initiatives and acquisitions, all while maintaining the unmatched execution and customer service which have been the hallmarks of MAG’s success.”

William Blair was the financial advisor to MAG on this transaction. Wells Fargo and Jefferies served as financial advisors to New Mountain Capital.

Hammond, Kennedy, Whitney & Company Exits Arnold Engineering

January 13, 2014 by John McNulty

Hammond, Kennedy, Whitney & Company (HKW) has sold its portfolio company Arnold Engineering to Noranco, a manufacturer and services provider to commercial and military aerospace companies .

Arnold Engineering is a contract manufacturer of complex machined parts and assembly structures used by companies in the military and commercial aerospace industries. Arnold Engineering was acquired by HKW in 2009 and is based in Corona, CA (www.arnoldeng.com).

“We were pleased to support the Arnold team during its growth of key customer relationships, high quality product standards, and developing technologies,” said Mark Becker, Partner at HKW and former Chairman of Arnold.

Hammond, Kennedy, Whitney & Company invests in companies with revenues between $20 million and $200 million and EBITDAs between $2 million and $20 million. Over the past 29 years, HKW has completed 44 platform management buyouts of small middle-market companies throughout North America as well as 48 add-on acquisitions. The firm was founded in 1903 and is headquartered in Indianapolis with an additional office in New York (www.hkwinc.com).

Houlihan Lokey (www.hl.com) acted as the exclusive financial advisor to HKW on the sale of Arnold.

Greenbriar Acquires Parkway Aerospace & Defense

July 16, 2013 by

Parkway Products has completed the sale of its Parkway Aerospace & Defense business to EDAC Technologies, a portfolio company of Greenbriar Equity Group which was acquired in March 2013.

“The combination of Parkway Aerospace & Defense and EDAC brings together two rapidly growing and engineering-led aerospace companies focused on serving a common set of customers with world-class manufacturing and design capabilities,” said Noah Roy, Managing Partner at Greenbriar.

Parkway Aerospace & Defense is a provider of polymer-matrix composite engine components and aerostructures. Parkway Aerospace & Defense facilities are located in Erlanger, KY, and Saltillo, Mexico, and focus on injection, compression and resin transfer molding, autoclave production and aerospace-specific assembly (www.aerospace.parkwayproducts.com).

Nick Bitter, President of Parkway Aerospace & Defense, and his management team will continue to lead the business post-sale in a newly formed subsidiary, EDAC Composites, which will be headquartered in Erlanger, KY.

EDAC Technologies is a diversified manufacturing company serving the aerospace and industrial markets. In the aerospace sector, EDAC offers design and manufacturing services for commercial and military aircraft, in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines. Industrial applications include high-precision fixtures, gauges, dies and molds, as well as the design, manufacture and repair of precision grinders and precision spindles. The company is based in Cheshire, CT (www.edactechnologies.com).

“Parkway’s highly regarded aerospace composite manufacturing and engineering expertise, and decades-long track record of partnership with many of EDAC’s largest customers, will enhance the combined company’s strategic position and significantly broaden the manufacturing, engineering, design and development capabilities available to our customers,” said Dominick Pagano, CEO of EDAC.

Greenbriar Equity Group invests from $50 million to $150 million per transaction in the global transportation industry, including companies in aerospace & defense, automotive, freight & passenger transport, logistics & distribution, and related sectors. The firm manages $2 billion of committed capital and is based in Rye, NY (www.greenbriarequity.com).

Houlihan Lokey served as exclusive financial advisor to Parkway Products in this transaction.

Parkway Products is a provider of custom molded products through two divisions: Aerospace & Defense (now sold to Greenbriar Equity Group) and Enterprise Molded Products. Parkway Products will retain its industrial & automotive Enterprise Molded Products business that is headquartered in Florence, KY; with plants in Atlanta, GA; Marietta, GA; Seneca, SC; Loveland, CO; and a separate location in Saltillo, Mexico (www.parkwayproducts.com).

Acorn Growth and Edgewater Acquire Tods Aerospace

July 12, 2013 by

Acorn Growth Companies and The Edgewater Funds have partnered to acquire Tods Aerospace & Defence, a UK-based manufacturer of advanced materials. Tods will be consolidated with AGC Composites & Aerostructures, an existing portfolio company of Acorn Growth Companies.

Tods Aerospace & Defence specializes in the engineering, design and manufacture of advanced materials used in aerospace and naval acoustic structures. The company is based in Crewkerne, UK (www.tods.co.uk).

AGC Aerospace & Defense is a supplier of technologies, systems and services that are used to support commercial and military programs. Capabilities within the AGC Aerospace & Defense portfolio range from financing, engineering, and integration services to manufacturing, logistics, and aircraft modifications. AGC Aerospace & Defense is organized into four operating groups: Composites & Aerostructures, Finance, Integrated Defense, and Services. The company is headquartered in Oklahoma City, OK (www.agcaerospace.com).

“This transaction is another exciting step in our global growth strategy,” said Rick Nagel, Acorn Growth Companies Partner. “Tods’ sophisticated engineering, design and build experience will further complement our capabilities and also strengthens and diversifies our existing customer base.”

Tods represents the fifth add-on acquisition for AGC Aerospace & Defense and the second international joint venture between Acorn and Edgewater. In December 2012, Acorn and Edgewater partnered to acquire Paul Fabrications, a Derby, UK based manufacturer of metal assemblies used in the aerospace, power generation and nuclear fueling industries (www.paulfabrications.com).

Acorn Growth Companies invests exclusively in aerospace and defense opportunities and oversees management and control of the AGC Aerospace & Defense portfolio companies. The firm has over $200 million under management with companies across the United States and United Kingdom, operating worldwide under its primary banner, AGC Aerospace & Defense. Acorn Growth is headquartered in Oklahoma City, OK (www.acorngrowthcompanies.com.

The Edgewater Funds invests in companies with revenues from $20 million to $500 million and EBITDAs from $5 million to $30 million. Sectors of interest include business services, financial and government services, consumer products and services, health care services, IT services and software, and basic industries. The firm has $1.4 billion in committed capital and is based in Chicago (www.edgewaterfunds.com).

Caltius Capital Management and PNC Bank provided debt financing for the transaction. Lincoln International represented AGC Composites & Aerostructures.

Veronis Suhler Stevenson Invests in Navtech

June 11, 2013 by

Veronis Suhler Stevenson (VSS) has made an investment in Navtech, a provider of flight operations software and tools for the commercial aviation industry. The VSS investment was made through its second structured capital fund, VSS Structured Capital II.

Navtech provides aeronautical products and services including aeronautical charts, navigational data and flight planning, aircraft performance and crew planning services. Customers include commercial airlines, cargo carriers, general aviation services providers and others. The company is headquartered in Toronto with offices in London and Stockholm (www.navtech.aero).

“We believe that Navtech’s state of the art, SaaS applications are well positioned to help airlines increase safety, maximize efficiency, and reduce operating costs,” said David Bainbridge, Partner, VSS Structured Capital Funds. “With its recently upgraded product portfolio, the company will continue to capture global market share and lead the development of an electronic flight bag solution.”

Current investors in Navtech include Cambridge Information Group which took Navtech private in 2007, and Externalis which first invested in Navtech in 2001. Cambridge Information Group is a family owned management and investment firm, primarily focused on information services, education and technology. The firm is based in New York with an additional office in Bethesda, MD (www.cig.com). Externalis is an industrial holding company owned by Alain Mallart. The company is based in Belgium (www.externalis.be).

“VSS is pleased to partner with Cambridge Information Group, a well-established family business that has years of experience in the information services industry,” said Hal Greenberg, Partner, VSS Structured Capital Funds. “We have very similar investment philosophies and industry focuses and we look forward to helping them expand this platform.”

Veronis Suhler Stevenson is a private equity and debt capital fund management company that invests in the media, information and education industries in North America and Europe. The firm provides capital for buyouts, recapitalizations, growth financings and strategic acquisitions to companies and management teams in order to build companies both organically and through add-on acquisition programs. Since the closing of the first VSS buyout fund in 1987, VSS has managed four buyout funds and two structured capital funds with aggregate committed capital in excess of $3.1 billion. The six funds have to date invested approximately $2.8 billion in 73 portfolio companies which have in turn completed over 320 add-on acquisitions. Veronis Suhler Stevenson is based in New York (www.vss.com).

Greenbriar Equity Acquires EDAC Technologies

May 8, 2013 by

Greenbriar Equity has completed its previously announced acquisition of EDAC Technologies Corporation, a designer, manufacturer and servicer of precision components for aerospace and industrial applications, for approximately $104 million.

EDAC Technologies Corporation (NASDAQ: EDAC) is a diversified manufacturing company serving the aerospace and industrial markets. In the aerospace sector, EDAC offers design and manufacturing services for commercial and military aircraft, in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines. Industrial applications include high-precision fixtures, gauges, dies and molds, as well as the design, manufacture and repair of precision grinders and precision spindles. The company is based in Farmington, CT (www.edactechnologies.com).

Greenbriar Equity Group invests from $50 million to $150 million per transaction in the global transportation industry, including companies in aerospace and defense, automotive, freight and passenger transport, logistics and distribution, and related sectors. The firm manages $1.5 billion of committed capital and is based in Rye, NY (www.greenbriarequity.com).

Stifel, Nicolaus & Company served as the exclusive financial advisor to EDAC Technologies.

Vance Street Acquires Associated Painters

April 17, 2013 by

Leading Edge Aviation Services, a commercial and military aircraft painting company and a portfolio company of Vance Street Capital, has acquired Associated Painters, an aircraft painting company specializing in narrow-bodied airplanes. This is the first add-on acquisition for Leading Edge Aviation Services which Vance Street acquired in April 2012.

Associated Painters is an aircraft painting company specializing in narrow-bodied airplanes. The company refinishes over 200 aircraft per year through it four facilities in Washington (2), Florida and Oklahoma. Associated Painters was founded in 1986 and is headquartered in Spokane (www.associatedpaintersinc.com).

Associated Painters’ President Rod Friese will have an ownership stake in the combined business and will continue to oversee the day-to-day operations of the business along with his entire senior management team.

Leading Edge is one of the largest independent painters of jet aircraft and has facilities throughout the United States. Approximately 95% of Leading Edge’s revenues come from paint and coatings and the remaining 5% come from ancillary services. The company’s customer base includes major US and international airlines, commercial aircraft OEMs and military aerospace OEMs. T Leading Edge was founded in 1989 and is based in Costa Mesa, CA (www.leadingedgecorp.com).

“The Associated Painters acquisition is highly complementary to Leading Edge Aviation’s core business and it enables the company to expand its geographic reach into Florida, Oklahoma and Washington,” said Brian Martin, principal at Vance Street Capital. “This strategic acquisition allows us to drive top-line growth by increasing our capabilities and customer base within the aviation maintenance, repair, and overhaul market.”

Vance Street Capital makes control investments in companies with enterprise values up to $200 million. Sectors of interest include precision industrial manufacturing, aerospace & defense, medical components & devices, and business services. The firm is based in Los Angeles (www.vancestreetcapital.com).

Arlington Capital Partners Acquires MB Aerospace

April 8, 2013 by

Arlington Capital Partners has acquired MB Aerospace Holdings Limited in partnership with the company’s management team.

“We are excited about the opportunity to partner with Craig Gallagher and the rest of MB Aerospace’s world-class management team,” said Peter Manos, a Managing Partner at Arlington. “This acquisition creates a global platform with a unique focus on providing manufacturing, engineering and supply chain management services for mature and legacy aero-engine platforms, and we believe the company’s strong growth prospects will be further enhanced with significant acquisitions.”

MB Aerospace is a provider of highly engineered components for the commercial and military aero-engine and industrial gas turbine markets. The company manufactures complex rings, casings and other engine components used in aero engine and industrial gas turbine platforms. Customers include Pratt & Whitney, Rolls-Royce, General Electric, Boeing, United Technologies, GKN, Mitsubishi Heavy Industries and Volvo Aerospace. MB Aerospace is headquartered in Motherwell, UK (www.mbaerospace.com).

“Our partnership with Arlington represents a superb fit with our vision of creating a truly world-class aerospace business focused on aero-engine components. Arlington’s global track record in the aerospace and defense sectors will be invaluable as we seek to expand further both organically and through acquisitions. We look forward to leveraging Arlington’s extensive experience and relationships,” said Craig Gallagher, CEO of MB Aerospace.

Arlington Capital Partners has $1.5 billion of committed capital and focuses on buyouts and recapitalizations of companies valued from $50 million to $500 million. Sectors of interest include aerospace & defense, government services and software, healthcare services, business services, education and training. The firm is based in Washington, DC (www.arlingtoncap.com).

“Going forward, MB Aerospace is well positioned to lead a consolidation effort in the highly fragmented mature and legacy aero-engine market. The company’s best-in-class engineering expertise, strong history of past performance and unique market focus enable MB Aerospace to partner with OEM’s to address overall under-performance issues in their supply chains,” said Jesse Liu, a Principal at Arlington.

Cornerstone Capital Acquires Keystone Engineering

April 8, 2013 by

Cornerstone Capital Holdings has acquired Keystone Engineering Company from UTC Aerospace Systems, a division of United Technologies. This transaction represents the fourth aerospace acquisition completed by Cornerstone and is the second consecutive corporate divestiture transaction it has completed. Keystone’s management team will continue to operate the business and guide its growth strategy.

Keystone designs and manufactures highly-engineered satellite propellant tanks, launch vehicle domes and other ancillary space products. Keystone also services and refurbishes the rotodome bearing assembly for the Airborne Warning and Control System (AWACS) aircraft and is the sole-source supplier of bearing assembly refurbishment for the U.S. Air Force and NATO. Keystone was founded in 1907 and is headquartered in Long Beach, CA with a second manufacturing facility located in Ontario, CA (www.keyengco.com).

Acquisition financing was provided by Penn Mezzanine based in Wayne, PA (www.pennmezz.com) and Fifth Third Bank.

Cornerstone Capital Holdings invests in middle-market niche manufacturing and industrial service businesses with revenues ranging from $5 million to $100 million and EBITDAs from $1 million to $10 million. The firm has offices in Los Angeles, CA and Blue Bell, PA (www.cstonecapital.com).

Graham Partners Acquires Brenner Aerostructures

January 30, 2013 by

The Atlas Group, a portfolio company of Graham Partners, has acquired Brenner Aerostructures, a manufacturer of aerospace components.

Brenner Aerostructures is a value-added manufacturer of aerospace components and sub assemblies primarily serving the commercial aerospace industry. The company specializes in designing, assembling and manufacturing parts and sub assemblies primarily for the commercial aircraft industry and other related markets. The company is based in Bensalem, PA (www.brenneraero.com).

The Atlas Group is a manufacturer of high precision machine parts, assemblies, and replacement parts to aerospace original equipment manufacturers and Tier 1 suppliers. The company focuses on the production of structural and flight control components and assemblies that are highly complex and often flight critical, installed from the cockpit to the tail of the aircraft. The Atlas Group is headquartered in Wichita, KS (www.theatlasgroup.biz).

SSG Capital Advisors, a mid-market investment bank, acted as the exclusive investment banker to Brenner Aerostructures. SSG Capital Advisors has offices in New York and Philadelphia (www.ssgca.com).

Graham Partners seeks to acquire industrial companies with revenues between $30 million and $500 million that participate in manufacturing niches where it can leverage its combination of operating resources and financial expertise. The firm is sponsored by the Graham Group, an industrial and investment concern with interests in plastics, packaging, machinery, building products and outsource manufacturing. Graham Partners is headquartered in Philadelphia (www.grahampartners.net).

Boathouse Capital Invests in Hawke Aerospace

September 6, 2012 by John McNulty

Hawke Aerospace, a helicopter operator and maintenance provider, has closed on a recapitalization transaction with Boathouse Capital. Boathouse Capital invested $6 million in Hawke Aerospace to support its continued growth.

Hawke Aerospace is the parent company of helicopter maintenance provider Uniflight; air medical operator Keystone Med-Flight; and Aviation Services, which provides airlift services primarily to law enforcement agencies and utility companies. The company has approximately 90 employees at its maintenance and helicopter bases in Pennsylvania, New Jersey, New York, and Texas. Hawke Aerospace is based in Morgantown, PA (www.hawkeaerospace.com) (www.uniflight.com) (www.asuhelicopter.com) (www.keystonemedflight.com).

“We are very pleased to have garnered the support of Boathouse Capital, whose investment provides us with significant working capital and will enable us to increase our operating earnings by extinguishing our lease and loan obligations and consolidating them into a single capital facility,” said Chairman and CEO of Hawke Aerospace, Joe Hawke.

Boathouse Capital invests mezzanine debt and equity in lower middle market companies in partnership with management teams and private equity funds. Boathouse will consider investments from $3 million to $10 million in either mezzanine debt or equity capital in companies with revenue of at least $10 million, EBITDA of $2 million or greater and EBITDA margins of at least 10%. The firm is based in Wayne, PA (www.boathousecapital.com).

“Boathouse Capital underwrote the excellent track record and extensive aviation experience of Joe Hawke and his team, and we are providing the necessary patient capital for the company to get to the next level,” said Ken Jones, Managing Partner of Boathouse Capital.

Vance Street Capital Exits Klune Industries

August 8, 2012 by John McNulty

Vance Street Capital has sold Klune Industries, a manufacturer of aluminum, nickel, titanium and steel aerostructures, to Precision Castparts, a manufacturer of complex metal components and products.

Vance Street acquired a majority interest in Klune Industries in early 2010 and undertook a number of initiatives to improve operations. This included bolstering the management team, integrating a strategic acquisition and streamlining manufacturing processes. These activities served to nearly double revenue and significantly increase profitability.

“In all of our investments, we seek to provide the resources and operational expertise that will enable our portfolio companies to reach their full potential and attain the highest level of operating performance,” said Richard Crowell, partner at Vance Street. “Our partnership with Klune is a clear demonstration of the successful execution of this strategy.”

The sale of Klune to Precision Castparts is the first from Vance Street’s current fund.

Klune Industries is an aerospace contractor – manufacturing complex parts, assemblies and components for commercial aircraft, military aircraft and missile systems. The company specializes in manufacturing doors, nacelles, wings and other aerostructures for the commercial market, and missile systems components, fuel tanks, bomb racks, rotors, ground support and airframes for the military market. The company’s products can be found on the platforms such as Boeing’s 737, 747, 777, 787, Airbus’s A-320, A-350, A-380, and Gulfstream’s G650. Klune operates facilities in North Hollywood, CA, Spanish Fork, UT, and Kent, WA, and employs approximately 740 employees. The company is headquartered in Los Angeles (www.klune.com).

Precision Castparts is diversified manufacturer of complex metal components and products. It serves the aerospace, power, and general industrial markets. Products include large, complex structural investment castings, airfoil castings, forged components, and highly engineered, critical fasteners for aerospace applications. In addition, the company is a producer of airfoil castings for the industrial gas turbine market. Precision Castparts manufactures extruded seamless pipe, fittings, forgings, and clad products for power generation and oil & gas applications; commercial and military airframe aerostructures; and metal alloys and other materials to the casting and forging industries. The company is headquartered in Portland, OR (www.precast.com).

Vance Street Capital makes control investments in companies with enterprise values up to $200 million. Sectors of interest include aerospace and defense, medical components and devices, precision industrial manufacturing and business services. The firm is based in Los Angeles, CA (www.vancestreetcapital.com).

PEPD 8-8-12