12/18/2012

Acorn Growth Companies & The Edgewater Funds Partner to Acquire UK Aerospace Firm

Acorn Growth Companies, a private equity firm focused exclusively in the aerospace and defense sectors, has partnered with The Edgewater Funds to acquire Paul Fabrications, based in Derby, United Kingdom, which specializes in the manufacture of high-precision and complex metal assemblies for the aerospace, power generation and nuclear fueling industries.  The acquisition is the second venture for Acorn Growth Companies and The Edgewater Funds since the partnership was announced early this year. Paul Fabrications will operate as one of four businesses in the Composites and Aerostructures Group of AGC Aerospace & Defense.

“Our relationship with The Edgewater Funds was formed with the intent of building upon our core business unit competencies and to further develop the AGC Aerospace & Defense brand in the global marketplace,” said Rick Nagel, Acorn Growth Companies Partner.  “This is an opportunity for us to continue to grow strategically as well as better serve our customers by leveraging Paul Fabrication’s precision machining capabilities, expertise with exotic alloys, and position in the European market in both the aerospace and nuclear sectors.”

“The addition of Paul Fabrications was a critical step in gaining entry into the European market and it is important for us to be in such proximity to industry leaders like Airbus and Rolls Royce,” stated Acorn Partner Jeff Davis.  “Our entry into this market is one of many strategic steps in building our composites and aerostructures platform into a significant global supplier.”

Debt financing for the transaction was provided in a unitranche credit facility led by CIT and included CITI and PNC.

Transaction details were not disclosed.  Moving forward, the company will do business as Paul Fabrications, an AGC Aerospace & Defense Company.

Acorn Growth Companies, a private equity firm focused exclusively on aerospace and defense opportunities, oversees management and control of AGC Aerospace & Defense. 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.

The Edgewater Funds is a Chicago-based private equity firm with nearly $1.4 billion in capital under management. Through Edgewater Growth Capital Partners, the firm partners with management to help accelerate growth in their businesses. Edgewater focuses on funding high quality middle market companies where it can add substantial value through capital, experience and its broad network.

For more information, please visit www.agcaerospace.com.

Contact: 
Johnny Lantz, Director of Marketing & Communications
AGC Aerospace & Defense
Phone: (405) 737-2676 ext. 2012
Email: jlantz@agcaerospace.com


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