PRV Aerospace, LLC Closes Acquisition of Astro Spar, Inc.
January 3, 2013 – Everett, WA – PRV Aerospace, LLC (“PRV Aerospace”), a portfolio company of Court Square Capital Partners (“Court Square”), announced today that it has acquired all of the outstanding stock of Astro Spar, Inc. (“Astro Spar” or the “Company”). Located in City of Industry, California, Astro Spar is a manufacturer of long, complex, precision-machined components and assemblies for the commercial and military aerospace industries.
“The capabilities of Astro Spar, its aircraft platform positions, the strength of the management team and a strong presence in the commercial aerospace market fit well with our existing businesses and overall strategic direction,” said Richard Wood, CEO of PRV Aerospace. “We look forward to partnering with the Astro Spar management team, which will continue to be led by Omar Khan, and the employees, to build on the Company’s excellent reputation and further expand the range of products and services we offer to our customers.”
Debt financing for the transaction was provided by GE Antares Capital and Ares Capital Corporation. AeroAdvisory, LLC provided strategic advice and due diligence and purchase agreement negotiation support to PRV Aerospace management. Janes Capital Partners acted as exclusive financial advisor to Astro Spar.
About PRV Aerospace, LLC
Headquartered in Everett, WA, PRV Aerospace is a precision manufacturer of flight critical components for the commercial aerospace and defense industries. Through machining of hard metals, alloys and aluminum, fabrication of sheet metal and production of complex assemblies, PRV Aerospace manufactures parts for the most successful existing and next generation commercial aviation and defense programs. For more information on PRV Aerospace please visit www.prvaerospace.com.
About Astro Spar, Inc.
Located in City of Industry, CA, Astro Spar is a leading manufacturer of large, flight-critical, structural components for the commercial aerospace industry. The Company’s products are manufactured using aluminum alloys and include spars, door beams, stringers, webs, chords, longerons, chines, wing formers and seat tracks. For more information on Astro Spar please visit www.astrospar.com.
About Court Square Capital Partners
Court Square is one of the most experienced teams in the private equity industry. Since 1979, the team has made over 200 investments including several landmark transactions and has developed numerous businesses into leaders in their respective markets. Based in New York, NY, Court Square invests in companies that have compelling growth potential. The firm manages over $5.5 billion in aggregate capital commitments while focusing on the following four sectors: business services, general industrial, healthcare and technology/telecommunications. For more information on Court Square please visit www.courtsquare.com.
Contact
Richard Wood
PRV Aerospace, LLC
(425) 356-1369
rwood@prvaerospace.com
Media Contact
Samantha Nelson
Edelman for Court Square
(212) 704-4589
samantha.nelson@edelman.com
