Fastener Distribution Holdings (FDH), a portfolio company of Audax Private Equity, has closed on two add-on acquisitions with the buys of Aerospheres UK and BTC Electronic Components.
Aerospheres is a distributor of more than 14,000 SKUs of chemicals, paints, adhesives, sealants, and composite materials to more than 800 worldwide commercial airline MRO service providers.
The company, led by CEO Paul Thompson, was founded in 1990 and is headquartered 15 miles northwest of London in Harrow, United Kingdom. The buy of Aerospheres expands FDH’s aftermarket presence into the chemicals space and expands its service footprint to 85 countries.
BTC Electronic Components (BTC) is a Wake Forest, North Carolina-based distributor of connectors and accessories used in aerospace, military and industrial applications. The company was founded in 1980 and is led by CEO Paul Moseley.
FDH is a distributor of aerospace fasteners and other C-class components to commercial and defense aircraft manufacturers, subcontractors, and component distributors. C-class components, used across an aircraft including in the fuselage, wings, landing gear, and control surfaces, include low cost and high volume commodity parts that are classified into four areas: fasteners, bearings, electronic components and machined parts. FDH is led by CEO Scott Tucker and is headquartered in El Segundo, California with operations across North America, Europe and Asia. “Aerospheres is a leader in the aftermarket chemicals and consumables space. We’re thrilled to work with Paul Moseley and his team to expand our aftermarket product offering globally,” said Mr. Tucker.
The buys of Aerospheres and BTC closed in December 2019 and are the third and fourth add-ons completed by FDH since being acquired by Audax from Housatonic Partners in April 2017. The two earlier buys were PDQ Airspares, a UK-based distributor of aerospace parts including lamps, filters, ignitors, seals, nuts, bolts, rivets, and engine parts (acquired in October 2018); and Blue Sky Industries, a California-based distributor of C-class parts to aerospace and defense MRO and OEM customers (acquired in April 2018).
Audax invests in middle-market companies that have from $8 million to $50 million in EBITDA and enterprise values of $50 million to $400 million. Sectors of interest include business and consumer services; energy; healthcare; technology, media and telecom; and industrials including chemicals, infrastructure, and building materials.
Aerospheres was acquired by FDH from Acorn Growth Companies, an Oklahoma City, Oklahoma-headquartered middle-market private equity firm that invests in the aerospace, defense and intelligence sectors.
© 2020 Private Equity Professional | March 11, 2020
