BIRMINGHAM, Mich., Feb. 8, 2017 /PRNewswire/ -- ETI Tech, Inc., of Dayton, Ohio, was acquired by majority investor Soaring Pine Capital (SPC), a Simon Group Holdings (SGH) company, SGH Founder and Chairman Sam Simon announced today.
Founded in 1996, ETI is a leading provider of more than 200 flight hardware parts for military aircraft and ground support equipment for the aerospace defense industry for fixed and rotary wing aircrafts, and unmanned aerial vehicles, including the F-35, C-130, F-16 and C-5B, among others.
Consistent with its business model, SPC backed seasoned aerospace industry executives Bill McLendon and Jeff Hartman, who were named President and CEO, and Executive Vice President and CFO, respectively. Simon is Chairman of the Board.
"We're thrilled to partner with Soaring Pine Capital and Sam Simon. ETI is a greatly admired and valued supplier to the manufacturers of military aircraft and directly to the Department of Defense. Jeff and I look forward to bringing our extensive military and aerospace experience to this tremendous company to help it grow exponentially," McLendon said.
According to Simon, "Bill's service to our country as an officer in the United States Air Force, as well as his extensive experience in the aerospace industry, makes him uniquely qualified to lead ETI Tech. I am confident that under his and Jeff's leadership, the company will grow while maintaining the exceptional quality, on time delivery and customer commitment ETI is known for."
Through this acquisition, SPC, Wells Fargo, Comerica Bank, and new ETI leaders McLendon and Hartman formed ETI Mission Controls, LLC with the goal to grow a platform of related aerospace partner companies. To help ensure a seamless transition, current President and CEO Mark Sargent will remain with the company for a period of time.
About Soaring Pine Capital
Founded under the umbrella of Simon Group Holdings in 2014, Soaring Pine Capital (SPC) invests in lower middle market opportunities via private fund investment strategies in private equity and real estate. SPC's private equity funds focus on supporting visionary entrepreneurs and making middle market investments, particularly in the areas of energy, logistics, infrastructure, transportation, manufacturing and business services. Similarly, the SPC real estate investment funds focus on lower middle market real estate opportunities including undervalued real estate, note purchases, multifamily, bridge/hard money loans, etc.
About Simon Group Holdings
Simon Group Holdings (SGH) was created in 1985 with the founding of Atlas Oil Company by Sam Simon. SGH has interests in comprehensive energy solutions; fuel supply; oil field services; logistics and transportation; real estate investment; private equity; technology services; and turnkey modular solutions. Its growth is fueled by more than 30 years of successful operational entrepreneurship, which has resulted in the creation of three new businesses since 2014, along with significant investments in three additional companies.
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SOURCE Soaring Pine Capital