Parkway Aerospace & Defense Acquired by Equity Group

Parkway Products, a polymer molding technology firm, has announced that it has completed the sale of its Parkway Aerospace & Defense business to EDAC Technologies Corp. (“EDAC”), a wholly-owned portfolio company of Greenbriar Equity Group LLC (“Greenbriar”). EDAC offers design and precision manufacturing services principally for commercial and military aircraft engine components and related tooling and equipment. EDAC’s industrial product capabilities include high-precision fixtures, gauges, dies and molds, as well as the design, manufacture and repair of precision grinders and precision spindles. 

 

Parkway Aerospace & Defense’s rapidly expanding composites-focused business includes plants in Erlanger, Ky.; Cincinnati, Ohio; and a two-facility aero-campus in Saltillo, Mexico. Nick Bitter, president of Parkway Aerospace & Defense, and his management team will continue to lead the business post-sale in a newly formed subsidiary, EDAC Composites; headquartered in Erlanger, Ky.

 

Terms were not disclosed.

 

“The demand for aerospace composites continues to increase among our customer base and we believe the combination with Greenbriar and EDAC enhances our ability to meet the requirements of that growth,” Bitter says.

 

Joe Klunk, chairman of Parkway Products, states, “The selection of Greenbriar and EDAC fulfills our Board’s objective of finding an aerospace-focused owner for the A&D business that will allow it to achieve its maximum potential.”

 

Noah Roy, managing partner at Greenbriar, adds, “The combination of Parkway Aerospace & Defense and EDAC brings together two rapidly growing and engineering-led aerospace companies focused on serving a common set of customers with world-class manufacturing and design capabilities.”

 

Dominick Pagano, CEO of EDAC, comments: “Parkway’s highly regarded aerospace composite manufacturing and engineering expertise, and decades-long track record of partnership with many of EDAC’s largest customers, will enhance the combined company’s strategic position and significantly broaden the manufacturing, engineering, design and development capabilities available to our customers.”

 

Parkway Products will retain its industrial & automotive Enterprise Molded Products headquartered in Florence, Ky.