New York-based GenNx360 Capital Partners has entered into a definitive agreement to acquire Precision AeroPower Group, an integrated provider of precision manufacturing and engineering services for the commercial aerospace, defense and power generation industries.
Matawan, N.J.-based Precision AeroPower is an operating division of Precision Partners Inc., a portfolio company of investment manager GSC Group. The deal is expected to close in September. Financial terms were not disclosed.
Precision AeroPower, which is projected to generate $260 million in revenues this year, provides original equipment manufacturers and tier-one suppliers with mission-critical components used in aircraft engines, aircraft structures and hardware, military vehicles and communications equipment, weapons systems, industrial gas turbines and wind power equipment. The company serves global customers through its nine production facilities in the U.S., the U.K. and China.
‘Precision AeroPower is unparalleled in its ability to provide customers in highly specialized sectors with high-end, precision production capabilities and services across a diverse global manufacturing platform, and we are eager to work with its strong management team to further grow the company's leading market positions,’ says Lloyd G. Trotter, a managing partner at GenNx360.
No executive management changes are anticipated at Precision AeroPower once the deal is finalized. Richard A. Buccarelli, CEO, will continue to lead the company, whose core management team has also agreed to remain in position.
SOURCE: GenNx360 Capital Partners