Midwestern private equity firm CapitalWorks LLC, has acquired Avtron Aerospace Inc., from Morgenthaler Private Equity, the Cleveland and Boston-based private equity team focused on lower middle market buyouts. Terms of the transaction were not disclosed.
Avtron Aerospace designs and manufactures electrical, electronic, and hydraulic aircraft component test solutions for the global commercial and military aerospace markets. The company’s products and solutions serve blue chip customers across the entire aerospace supply chain including aircraft manufacturers, aircraft component OEMs, commercial airlines, independent MRO providers, and foreign and US military forces.
“Avtron Aerospace enjoys market leadership and a reputation for quality and reliability in the hydraulic and generator test equipment markets,” said Dick Hollington, managing partner of CapitalWorks. “It is positioned to capture an increasing share of the growing global aircraft market. We look forward to supporting their long-term vision.”
Avtron Aerospace president and CEO, John Pesec, said the company “is excited about our new partnership with CapitalWorks. Their team and network can add substantial strategic value to our business due to their deep expertise in the aerospace industry.” Founded in 1953, Avtron Aerospace employs approximately 110 people in its manufacturing facility located in Independence, Ohio, and has sales offices in Beijing, China.
Source: CapitalWorks