“We are excited that H-D has acquired Crown to increase its exposure to the aerospace industry. Crown has distinguished itself through high-quality products, highly responsive customer service and efficient manufacturing processes,” said Tim Gosline
Cleveland, Ohio (PRWEB) October 20, 2014
H-D Advanced Manufacturing Company (H-D) has added Crown Precision Machining (Crown) to its holding company of precision engineered product manufacturers. Crown provides critical high-precision machining services for commercial aerospace and defense manufacturers. H-D was formed in 2012 by a partnership between The Riverside Company, Hicks Equity Partners and Weinberg Capital Group. Crown is its fifth acquisition.
Irwindale, California-based Crown manufactures high-precision machined rod ends, caps, pinions, transfer tubes and other components used in commercial aerospace and defense. These specialty components are principally used in aviation hydraulic actuation systems, which control the movement of wings, rudders, landing gears, ailerons and flaps. Crown’s products are principally used on Boeing aircraft, in addition to business and regional planes.
Crown’s co-founders, President Mark Miller and CFO Lisa Miller, will remain with the business for an extended, multi-year transition period.
“Crown is another outstanding addition to H-D as we continue to build a leading global manufacturer of mission-critical products,” said H-D CEO Chris DiSantis. “The business enjoys long-term relationships and receives exceptionally high marks from the world's leading aerospace equipment manufacturers. Our plan is to partner with Mark and Lisa Miller to grow ambitiously by investing in engineering, acquiring new equipment and expanding Crown's capabilities. Crown's customers will continue to get the same world class levels of quality and service as we help lift the company to the next level.”
The addition of Crown comes on the heels of H-D’s addition of Sungear, another aerospace specialist. Riverside Partner Tim Gosline said the increasing scale and capabilities will bring multiple benefits.
“We are excited that H-D has acquired Crown to increase its exposure to the aerospace industry. Crown has distinguished itself through high-quality products, highly responsive customer service and efficient manufacturing processes,” said Gosline. “We intend to build on this legacy by expanding Crown’s manufacturing capacity, investing in its people and introducing lean manufacturing processes, all with the goal of supporting Crown’s customers even better.”
H-D is actively seeking acquisition opportunities in gears and gearboxes, specialty bearings, aerospace components and other heavy duty, precision-engineered products.
Working with Gosline on the transaction for Riverside were Principal Rob Langley, Senior Associate Jason Fulton and Associate Phillip Furbay. Principal, Origination Jeremy Holland sourced the opportunity and Partner Anne Hayes worked on financing the transaction for the firm.
KPMG and Jones Day advised Riverside on the investment.
About The Riverside Company
The Riverside Company is a global private equity firm focused on acquiring and investing in growing businesses valued at up to $250 million (€200 million in Europe). Since its founding in 1988, Riverside has invested in more than 350 transactions. The firm’s international portfolio includes more than 70 companies.