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by Stephen Perry on 07/22/2019
Irvine, CA (July 8th, 2019) – Janes Capital Partners is pleased to announce the sale of Matrix Composites, Inc., to ITT Inc. (NYSE: ITT)
Located on the Florida Space Coast, Matrix Composites is a specialty aerospace component manufacturer with over two decades of experience specializing in the manufacture of precision composite components for next generation, high growth aircraft and aircraft engine platforms. The purchase price was $29 million, which includes an earnout and is subject to customary working capital adjustments.
The acquisition aligns with ITT’s announced growth strategy focused on enhancing its product portfolio with innovative and technologically differentiated businesses. Matrix Composites is expected to expand ITT Connect and Control Technologies’ core aerospace product and technology capabilities.
“Matrix Composites is driven by our commitment to providing customers with high-performance composite components for demanding aircraft applications. We have enjoyed significant success and growth supporting next generation platforms in the aerospace industry,” said David Nesbitt, CEO of Matrix Composites. “We are excited to enter the next phase of growth with ITT as our partner.”
“Matrix Composites is a market leader in advanced composite manufacturing for the aerospace and defense industry. ITT is an excellent strategic fit for Matrix Comsposites,” said Stephen Perry, CEO and Managing Director of Janes Capital Partners. “We are honored to have assisted Matrix Composites in achieving a highly successful outcome.”
Paul Oppenheim, COO of Matrix Composites, said “Janes Capital Partners managed the transaction process extremely well, offering invaluable guidance and support throughout. The team’s industry experience and professionalism were instrumental in securing such an outstanding result for Matrix Composites and its shareholders.”
Janes Capital Partners served as the exclusive financial advisor to Matrix Composites. Dykema Gossett PLLC acted as legal counsel for Matrix Composites.
Matrix Composites, Inc., which is headquartered in Rockledge, Florida, has 115 employees and an estimated 2019 revenue of approximately $22 million.
About Janes Capital Partners
Based in Irvine, CA, Janes Capital Partners is a leading investment banking firm focused solely on the Aerospace and Defense industry. The firm provides mergers and acquisition advisory services and assists clients in executing growth strategies and liquidity events. The members of Janes Capital Partners have completed more than 75 successful A&D transactions and $5 billion in closed transaction value. Securities transactions are conducted through JCP Securities, Inc., a registered Broker/Dealer, member FINRA/SIPC, and registered Investment Advisor.
Janes Capital Partners is an independent financial advisory firm that is affiliated with Oaklins International Inc. Oaklins is the world’s most experienced mid-market M&A advisor, with 700 professionals globally and 16 dedicated industry teams in 40 countries.