NEWINGTON, Conn., April 15, 2014 /PRNewswire/ -- PCX Aerostructures, LLC ("PCX"), RFE Investment Partners ("RFE") and 24/6 Capital Partners ("24/6") are pleased to announce the acquisition of SPX Corporation's (NYSE: SPW, "SPX") Precision Components business. Industry veteran Alan ("Al") Haase has been named Chief Executive Officer of PCX.
PCX Aerostructures is a world-class manufacturer of highly engineered, precision, flight critical and other essential components for rotorcraft and fixed wing aerospace platforms serving the military and commercial markets. PCX focuses on producing complex parts machined from hard alloys where tight tolerances and quality are imperative. PCX has manufacturing facilities in Newington, CT as well as Ronkonkoma, NY and Farmingdale, NY.
Al Haase, CEO of PCX Aerostructures, said, "I look forward to working with the talented group of employees at PCX to build upon the company's longstanding reputation for producing highly engineered, quality parts for the military and commercial market. Together with RFE and 24/6, we will pursue a growth strategy focused on expanding relationships with current customers as well as securing new customers in both the commercial and military markets. In addition, PCX will actively seek compelling add-on acquisitions that will compliment our current capabilities and broaden our business."
Peter Reiter, Managing Director at RFE Investment Partners, said, "We see a great opportunity to build an aerospace business diversified across military, commercial, rotorcraft and fixed wing platforms. We are excited to partner with Al Haase, 24/6 and the rest of PCX management to grow the company organically and through strategic add-on acquisitions."
24/6 and Al Haase partnered to find a platform investment providing precision machined parts to the aerospace industry and worked closely with C.W. Downer & Co., a Boston based investment bank, to source the PCX transaction and secure an equity partner.
Edward Feuerstein, Managing Partner at 24/6 Capital Partners, commented, "RFE has been a great partner for us throughout this process. They showed the resolve and determination necessary to complete a complex transaction. We also benefited from C.W. Downer's extensive industry knowledge, which played a critical role in the transaction. I am confident that with Al Haase's leadership and vision, coupled with RFE and our experience working with middle market companies, we will successfully grow PCX into a diversified manufacturer of highly engineered precision components."
First National Bank of Pennsylvania provided the senior debt financing.
Finn Dixon & Herling LLP provided legal counsel to RFE and 24/6.
C.W. Downer & Co. advised RFE and 24/6 on the transaction.
Loop Capital Markets advised SPX Corporation.
About RFE Investment Partners
RFE Investment Partners (based in New Canaan, CT), founded in 1979, is a leading private equity firm that has consistently focused its investment activities on companies operating in the lower middle market (less than $100 million of entity value). Currently investing from its eighth committed fund, RFE Investment Partners VIII, RFE seeks to partner with management teams of market leading manufacturing, business service and health care service companies. For more information please contact Peter Reiter, RFE Investment Partners Managing Director at 203-966-2800.
About 24/6 Capital Partners
24/6 Capital Partners, founded in 2011, focuses on generating creative, middle market, private equity transactions often in partnership with accomplished industry executives. PCX Aerostructures is the fourth transaction completed by 24/6 Capital Partners in the past 24 months. For more information please contact Edward Feuerstein, Managing Partner, at 617-396-4408.
SOURCE PCX Aerostructures, LLC