H-D Advanced Manufacturing Acquires Precision Aero Corporation

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H-D Advanced Manufacturing Company (H-D), a manufacturer of highly engineered, mission-critical components, has acquired Precision Aero Corporation (Precision Aero)

“Precision Aero brings a blue chip customer base, strong technical capabilities and lots of attractive opportunities for growth,” said Principal Rob Langley

H-D Advanced Manufacturing Company (H-D), a manufacturer of highly engineered, mission-critical components, has acquired Precision Aero Corporation (Precision Aero). Precision Aero manufactures high-precision machined products that are mostly used in the aerospace industry. Precision Aero is the third aerospace company acquired by H-D, joining Sungear and Crown Precision, and the seventh acquisition since H-D was formed in December 2012 by a partnership between The Riverside Company, Hicks Equity Partners and Weinberg Capital Group.

Based in Troy, Ohio, Precision Aero was founded in 1962 and is a market leader in machined products for aerospace wheel and brake assemblies. H-D will seek to extend Precision Aero’s products and technology into other aircraft components and industrial end-markets such as commercial trucks. Tom Marchant, Vice President of Operations, will continue to lead Precision Aero under H-D’s ownership.

“Precision Aero shares similarities with Crown Precision and Sungear, two of H-D’s existing aerospace businesses,” said H-D CEO Chris DiSantis. “All three companies provide high-quality products and deliver exceptional customer service to the world’s leading aerospace companies. We see opportunity for significant cross-selling that should benefit all three businesses and their respective customer bases.”

Precision Aero owner Tim Smith is excited about the next chapter for the company.

“After over 50 years of family ownership, it was important to me to find the right home for Precision Aero. H-D is that home,” Smith said. “They share our commitment to producing extremely high-quality products and exceeding customer expectations. I am excited to watch Precision Aero thrive with the addition of H-D’s strong financial, operational and business development resources and reach new heights for our customers and employees.”

Tom Hicks, CEO of Hicks Equity Partners, said, “The H-D platform continues to make excellent progress toward our strategic goals. Precision Aero extends H-D’s reach in the attractive aerospace industry and adds yet another high quality company to the family of businesses.”

The addition of Precision Aero will bring benefits to both H-D and Precision Aero, said Riverside Principal Rob Langley.

“Precision Aero brings a blue chip customer base, strong technical capabilities and lots of attractive opportunities for growth,” said Langley. “This addition fits perfectly with our strategy of combining companies with a passion for producing highly engineered, critical components. H-D will provide Precision Aero with access to resources that will enable the company to serve its customers even better.”

Precision Aero will join Overton Chicago Gear, Sungear and Crown Precision in H-D’s precision machining division. H-D Advanced Manufacturing continues to seek add-on acquisition opportunities in highly engineered, critical components, including energy related consumable products used in drilling or production related applications, precision engineered components in aerospace and electromechanical components.

Riverside Origination Principal Scott Gilbertson sourced the transaction for H-D. Jones Day, Doug Deal and KPMG provided legal and accounting advice to H-D. Amherst Partners served as financial advisor and Thompson Hine provided legal advice to the sellers of Precision Aero.

About H-D Advanced Manufacturing Company
H-D Advanced Manufacturing Company manufactures severe duty, high-precision products for “mission critical” applications. H-D is led by Chris DiSantis, the former CEO of Latrobe Specialty Metals and the former President and COO of Hawk Corporation, and Dale Mikus, the former CFO of Latrobe Specialty Metals. H-D strives to enable its customers to be leaders in their respective industries by providing world class products, excellent customer service, highly responsive lead times and efficient manufacturing operations. H-D's seven operating companies are organized into two divisions: precision machining and energy consumables.

About The Riverside Company
The Riverside Company is a global private equity firm focused on acquiring growing businesses valued at up to $300 million. Since its founding in 1988, Riverside has invested in more than 380 transactions. The firm’s international portfolio includes more than 75 companies.

About Hicks Equity Partners
Hicks Equity Partners is the private equity arm for Hicks Holdings LLC, a holding company for the Thomas O. Hicks family’s assets. With 35 years of private equity experience, Mr. Hicks pioneered the “buy and build” strategy of investing and founded Hicks Muse Tate & Furst, which raised more than $12 billion of private equity across six funds and completed over $50 billion of leveraged acquisitions. Hicks Equity Partners looks for established companies with proven track records, strong free cash flow characteristics, a strong competitive industry position and an experienced management team looking to partner with long-term capital.

About Weinberg Capital Group
Weinberg Capital Group is a Cleveland, Ohio-based family office that specializes in acquiring well-positioned middle-market companies. The group has an established track record of success in the ownership and growth of global manufacturing enterprises.

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Graham Hearns
Riverside Company
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