SANTA CLARITA, Calif., Sept. 29, 2020 /PRNewswire/ -- Avantus Aerospace, a global leader of C-Class and Composite parts for the aerospace and defense industry, is pleased to announce the acquisition of Fastener Innovation Technology Corporation (FIT) in Rancho Dominguez, California.
FIT manufactures unique, high-strength specialty fasteners for military and commercial aerospace applications and has a natural fit with other companies in the Avantus group, including Lamsco and Fastener Technology Corporation (FTC), which was acquired by Avantus in December 2019.
FIT, founded in 1979, has built a strong reputation as an innovative and reliable supplier with a broad range of specialty fastener qualifications and, under the guidance of President Larry Valeriano, has expanded their applications to more than 25 aircraft platforms. Some customer relationships span multiple decades, such as those with Boeing (including BDSI), Incora (Wesco), Raytheon, and Lockheed Martin. The existing management team will continue to operate and grow the business under the guidance of Avantus Fastener President Dennis Suedkamp, aided by Avantus' additional resources.
Avantus CEO, Brian Williams, said: "The FIT team have built an innovative, specialty fastener business with an excellent reputation. We believe our combined strength will allow us to better serve our customers. We look forward to making further acquisitions that complement our existing product and geographic offering."
Larry Valeriano commented: "FIT's great customer relationships and long tradition of manufacturing excellence make it an ideal fit for an organization like Avantus Aerospace that shares its values. Together we are well positioned to capitalize on the long-term growth opportunities that lie ahead in the fastener and C Class marketplace."
Dennis Suedkamp added: "We look forward to enhancing our combined technical and manufacturing resources, while also supporting the development of our employees and the success of our customers.
Avantus Aerospace, is owned by Inflexion and Auctus Industries. Inflexion is a leading European mid-market private equity firm, investing in high-growth, entrepreneurial businesses with ambitious management teams working in partnership with them to accelerate growth. Auctus Industries is a specialist investor in aerospace businesses, focusing on off-market deal sourcing and the execution of buy-and-build acquisition strategies.
Please visit our website to learn more. www.avantusaerospace.com
The purchasers were advised by Goodwin Proctor LLP (Santa Monica), CDS (San Francisco), KPMG (London/Chicago) and Grant Thornton, (Irvine).
SOURCE Avantus Aerospace