EVERETT, Wash., Dec. 23, 2010 /PRNewswire/ -- PRV Aerospace, LLC ("PRV Aerospace"), a portfolio company of Platte River Ventures, announced today that it had acquired all of the outstanding stock of Arden Engineering, Inc. ("Arden" or the "Company") in partnership with senior management of the Company. Located in Orange, California, Arden is a manufacturer of large, complex, precision-machined components and assemblies for the commercial and military aerospace industries.
"The capabilities of Arden, its platform positions and strong presence in the military 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 Arden management team and employees to build on the Company's excellent reputation and to further expand the range of products and services we offer to our customers."
"We are pleased to continue to support PRV Aerospace's organic growth and complementary acquisitions," said Greg Sissel, Managing Director of Platte River Ventures. "PRV Aerospace is fulfilling its strategic goal of becoming a critical supplier to the world's leading aerospace and defense companies."
Senior debt financing for the transaction was provided by Bank of America Merrill Lynch, Fifth Third Bank and Columbia Bank. Stifel Nicolaus Weisel acted as exclusive financial advisor to Arden.
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, LLC, please visit www.prvaerospace.com.
About Arden Engineering, Inc.
Located in Orange, CA, Arden is a manufacturer of large, complex, precision-machined components and assemblies for the commercial and military aerospace industries. Through its advanced machining and engineering capabilities, Arden produces titanium, aluminum and stainless steel structural parts for a broad range of military and commercial platforms. For more information on Arden Engineering, Inc., please visit www.arden-engr.com.
About Platte River Ventures
Based in Denver, Colorado, Platte River Ventures is a private equity firm focused on investing in small and middle market operating companies with enterprise values between $10 million and $200 million. The firm seeks investments where it can leverage its principals' operating expertise to help build significantly larger enterprises through both internal growth and complementary acquisitions. With more than $300 million of committed capital, the firm focuses on investing in the aerospace, industrial and energy services, metals, chemicals, agriculture and industrial minerals sectors. For more information, please visit www.platteriverventures.com.
SOURCE Platte River Ventures