PCX Aerosystems, a Newington, Connecticut-based provider of flight-critical, life-limited dynamic components and systems for demanding aerospace applications, has reached an agreement with Senior plc to acquire its Senior Aerospace Connecticut (SAC) operation in Enfield, Connecticut, for $74 million. The transaction is expected to close in H1 2021, subject to customary closing conditions.
SAC is a build-to-print manufacturer of precision metallic parts for the aerospace industry, supplying machined parts from bar stock, forgings, and castings for rotorcraft and turbine engines. The business has approximately 100 employees. It’s Senior’s only operating business whose primary focus is build-to-print parts for rotary aircraft.
David Squires, CEO of Senior plc said: "I am confident that the divestment of Senior Aerospace Connecticut is in the best interests of all of our stakeholders. It is a good business, which is reflected in the transaction value, and I believe that it is best able to fulfil its potential by being part of a larger helicopter structures business. We have a great leadership team in Connecticut with a capable and talented workforce."
The acquisition expands PCX's portfolio with SAC's complementary rotorhead and transmission component offerings and broadens the combined company's customer relationships.
"We at PCX view the acquisition of SAC as a very positive transaction for all of our stakeholders. The combination of these two long-standing Connecticut manufacturers creates an enterprise capable of providing a broad set of supply chain solutions for our customers," states Jeff Frisby, PCX Aerosystems president and CEO.
With the addition of SAC's complementary expertise, PCX Aerosystems believes there is significant revenue synergy opportunities across both military and commercial platforms. PCX is committed to continuous improvements and capital investments at both facilities to serve the growth needs of the original equipment manufacturer (OEM) customer base.
"The combination of SAC and PCX creates a stronger supplier for our customer base with regards to capabilities and expertise, while providing SAC access to a broader market in which to pursue its growth strategy," states Michael Lang, SAC vice president and general manager.
PCX Aerosystems supplies highly engineered, precision, flight-critical assemblies for rotorcraft and fixed-wing aerospace platforms. Founded in 1900, the company serves defense and commercial aerospace markets. PCX focuses on producing complex parts machined from hard alloys such as titanium, Inconel, and steel – where tight tolerances and quality are imperative. The company provides direct delivery of components and large assemblies to customers such as Boeing, General Electric Aircraft Engines, Bell Helicopter, and Sikorsky. PCX Aerosystems is owned by RFE Investment Partners and PCX management.
RFE Investment Partners, based in New Canaan, Connecticut, is a private equity investor with more than 40 years of lower middle market buyout experience investing in growth companies in partnership with entrepreneurial management teams.
Senior plc is an international manufacturer of high technology components and systems, principally for the worldwide aerospace & defense, land vehicle, and power & energy markets.