A&D Manufacturing M&A Transactions - February 2024

Target

Buyer

Description

• Target: Kokomo, IN-based Haynes develops, manufactures, markets, and distributes nickel and cobalt-based alloys in sheet, coil, and plate. The company offers high-temperature resistant alloys used by manufacturers of equipment, including jet engines for the aerospace market, gas turbine engines for power generation, and industrial heating equipment.

• Buyer: Spain-based Acerinox manufactures stainless steel and high performance alloys. The company’s products include flat products (slab, billet, black coil), long products (wire, wire rod, bar), and specialty alloys for the aerospace, automotive, oil & gas, and medical sectors.

• Terms:  Transaction announced on February 5, 2024. The purchase price was $970M, 1.6x and 12.3x FY2023 revenue and EBITDA, respectively. 

Calgary Manufacturing Operations

a portfolio company of

a portfolio company of

• Target: Canada-based Calgary manufacturing facility of Field Aviation manufactures build-to-print parts and sub-assemblies for major OEMs such as Bombardier, Viking and Boeing. The facility is ISO 9001:2015 and AS9100D certified, and NADCAP accredited for chemical processing, heat treating, and NDT. The facility is a Transport Canada Design Approval Organization, and EASA accredited.

• Buyer: Canada-based De Havilland Aircraft manufactures and produces aircrafts such as the Dash 8-400, the DHC-515 FIREFIGHTER, and the DHC-6 Twin Otter Classic 300-G. The company’s aircrafts specialize in transporting cargo, harsh environments, and special mission operations.

• Terms: Transaction announced on February 8, 2024. Terms not disclosed.

a portfolio company of

• Target: Gardena, CA-based Cast-Rite is a provider of advanced die casting and fabrication solutions. The company manufactures zinc and aluminum alloy die castings, as well as offer services, such as engineering, tooling and fabrication, and other value-added operations to serve a wide spectrum of defense, electronics, and commercial applications.

• Buyer: Buena Park, CA-based ADC Aerospace manufactures die casting products from aluminum, zinc, stainless steel, and Inconel using die casting, sand and investment casting, and bar stock for the aerospace, defense, medical, automotive, and industrial sectors.

• Terms: Transaction announced on February 12, 2024. Terms not disclosed.

a portfolio company of

• Target: Danbury, CT-based Radial Bearing manufactures rod-end, spherical, self-lubricating, and dry-filmed bearings. The company serves the commercial, industrial, and aerospace sectors. Additionally, the company's capabilities include fabrication, sketching, design, maintenance, repair, and construction.

• Buyer: Bolivar, OH-based Cablecraft is a designer and manufacturer of control cable fittings and hardware for motion control solutions. Examples of the company’s offerings include rod ends, ball joints, manual transmission assemblies, actuation systems, hand controls, foot controls, and control cables. 

• Terms: Transaction announced on February 20, 2024. Terms not disclosed.

• Target: United Kingdom-based MTAG Composites engages in the manufacturing of phenolic, epoxy, and polyester glass fiber and carbon fiber reinforced plastic moldings for customers in rail, aerospace, marine, automotive, leisure, and construction. The company's capabilities include R&D, 3D scanning, pattern making, mold making, processing, assembly, painting & finishing, and repairs.
• Buyer: Boston, MA-based Tiderock Companies is a diversified investment and advisory services company, specializing on real estate (development, project management, and public-private partnerships), solar, infrastructure, and renewable energy.

• Terms: Transaction announced on February 20, 2024. The purchase price was $9.5M.

a portfolio company of

• Target: Orange, CA-based Anillo Industries manufactures and supplies Army Navy (AN), Military Specification (MS), National Aerospace Standard (NAS) series and OEM washers, bushings, shims, and stampings to the aerospace industry. The company also offers tool and die design and fabrication, metals processing, milling, light machining heat treating, chemical processing,
  and painting.
• Buyer: North Richland Hills, TX-based Novaria Group is a holding company specifically designed for the acquisition of companies specializing in the manufacturing of aerospace components, hardware, and cast-parts. 

• Terms: Transaction announced on February 21, 2024. Terms not disclosed.