TORRANCE, Calif., June 7, 2011 /PRNewswire/ -- PRV Aerospace, LLC ("PRV Aerospace"), a portfolio company of Platte River Ventures, announced today that it had acquired the outstanding equity of Quality Forming, LLC ("QFI") in partnership with QFI's senior management. Located in Torrance, California, QFI is a manufacturer of large and complex, high-value precision sheet metal components and assemblies for the aerospace industry.
"The highly specialized capabilities of QFI and its platform positions fit well with our existing businesses and the strategic direction of PRV Aerospace," said Richard Wood, CEO of PRV Aerospace. "We look forward to partnering with the QFI management team and employees to build on the company's excellent reputation and to further expand the range of products and services PRV Aerospace offer to its customers."
"We are pleased to continue to support PRV Aerospace's organic growth and acquisition strategy," said Greg Sissel, Managing Director of Platte River Ventures. "PRV Aerospace continues to broaden its strategic importance throughout its customer base and is rapidly improving its position as 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 as Administrative Agent and Joint Lead Arranger, Fifth Third Bank and KeyBank National Association as Joint Lead Arrangers and Co- Syndication Agents, BBVA Compass as Documentation Agent and Columbia State Bank and Wells Fargo. Bartlit Beck Herman Palenchar & Scott LLP served as legal counsel to Platte River Ventures and PRV Aerospace.
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 Quality Forming, LLC
Located in Torrance, California, QFI is a unique manufacturer of large complex, high-value precision sheet metal components and assemblies for the aerospace industry with few competitors that can match its skilled labor and process capabilities. For over 35 years QFI has been a leading innovator in the advancement of metal forming processes including hot, hydro and stretch forming and is one the few manufacturers in the U.S. to offer titanium hot forming. For more information on Quality Forming, LLC, please visit http://www.qfinc.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 PRV Aerospace, LLC