Newington, Connecticut – Officials from PCX Aerostructures LLC, RFE Investment Partners, and 24/6 Capital Partners recently announced the acquisition of SPX Corp.'s Precision Components business. Industry veteran Alan ("Al") Haase has been named CEO of PCX.
PCX Aerostructures is a manufacturer of highly engineered, precision, flight critical, and other essential components for rotorcraft and fixed wing aerospace platforms serving the military and commercial markets. PCX focuses on producing complex parts machined from hard alloys where tight tolerances and quality are imperative. PCX has manufacturing facilities in Newington, Conn., as well as Ronkonkoma, N.Y., and Farmingdale, N.Y.
PCX Aerostructures’ CEO Al Haase said, "Together with RFE and 24/6, we will pursue a growth strategy focused on expanding relationships with current customers as well as securing new customers in both the commercial and military markets. In addition, PCX will actively seek compelling add-on acquisitions that will complement our current capabilities and broaden our business."
Peter Reiter, managing director at RFE Investment Partners, said, "We see a great opportunity to build an aerospace business diversified across military, commercial, rotorcraft, and fixed wing platforms. We are excited to partner with Al Haase, 24/6 and the rest of PCX management to grow the company organically and through strategic add-on acquisitions."
24/6 and Al Haase partnered to find a platform investment providing precision machined parts to the aerospace industry and worked closely with C.W. Downer & Co., a Boston based investment bank, to source the PCX transaction and secure an equity partner.
Edward Feuerstein, managing partner at 24/6 Capital Partners, commented, "RFE has been a great partner for us throughout this process. They showed the resolve and determination necessary to complete a complex transaction. We also benefited from C.W. Downer's extensive industry knowledge, which played a critical role in the transaction. I am confident that with Al Haase's leadership and vision, coupled with RFE and our experience working with middle market companies, we will successfully grow PCX into a diversified manufacturer of highly engineered precision components."
First National Bank of Pennsylvania provided the senior debt financing.
Finn Dixon & Herling LLP provided legal counsel to RFE and 24/6.
C.W. Downer & Co. advised RFE and 24/6 on the transaction.
Loop Capital Markets advised SPX Corp.
Source: PCX Aerostructures