Noranco Purchases 2 Divisions of Premier Precision

The Stewart Facility and Special Processing Divisions, located in Phoenix, AZ, provide high precision machined and fabricated components to the commercial and aerospace industry along with anodizing, passivation and other surface treatments. Products include auxiliary power units, various housings, turbofan engines, environmental control units and much more. The Divisions supply Honeywell, Parker Hannifin, Sargent, GE Aviation and other top aerospace OEMs for aircraft platforms including the Boeing 737, Airbus A350, Lockheed Martin F-35, and Gulfstream G650. The Divisions occupy 85,000ft² of production space and employ 237 people. The Stewart Manufacturing and Special Processing Divisions’ existing leadership team will continue in their roles as operators of the business. Premier Precision Group is a portfolio company of Minneapolis, Minnesota-based private equity group Spell Capital Partners. 

Steve Jones, Senior Managing Partner of Spell Capital Partners, states, “We are excited about this transaction as it puts PPG in an enhanced position to capitalize on new market opportunities while continuing to support our strong portfolio of customers with diverse manufacturing capability, quality products, on-time delivery, and responsive service they count on.”

Noranco, Inc. is a world class, integrated manufacturer and solutions provider to the global commercial and military aerospace sectors. Producing aero-structure, landing gear and aero-engine products, Noranco provides value through a wide range of sophisticated capabilities including design, prototyping, complex precision machining and sheet metal fabrication, processing, assembly, kitting, testing and supply chain management.

“This strategic acquisition enhances Noranco’s market position within the engines sector of the global aerospace industry and further balances our already strong portfolio of aero-engines, aero-structure and landing gear components/assemblies” comments David Camilleri, President of Noranco.

Justin Besikof, President of Lurie Besikof Lapidus Private Investment Banking, acted as the exclusive financial advisor to Premier Precision Group. Besikof states, “It was a pleasure working with Premier Precision Group and Spell Capital toward a successful transaction. In Noranco, the Stewart Manufacturing and Special Processing Divisions have found an ideal partner for future growth in the aerospace sector.”

www.premierprecision.com
www.spellcapital.com
www.noranco.com