The aerospace holding company Greenwich AeroGroup recently said it has agreed to acquire Aero Precision Industries, LLC, expanding its capabilities and global footprint related to supporting military aircraft systems worldwide.
Terms of the deal, which is expected to close in the first quarter of 2013, were not disclosed. California-based Aero Precision has more than $150 million in annual sales and more than 100 employees.
Aero Precision provides aftermarket original equipment manufacturer (OEM) parts, systems and custom logistic support services for military aircraft operators worldwide. Its customer base is 90 percent international and the rest domestic. Its global footprint generates sales in more than 60 countries throughout North and South America, Europe, the Middle East, Africa, Asia and the Pacific Rim.
The primary platforms supported by Aero Precision include the F-16, F-15 and F-18 fighters, the C-130 transport, and the UH-60, SH-70, UH-1, AG-64 and CH-47 helicopters.
“Aero Precision has done an outstanding job in executing its business model with military operators and key aerospace and defense OEMs,” Jim Ziegler, president and CEO of Greenwich AeroGroup, said in a statement. “This addition to our portfolio allows us the opportunity to expand our capabilities in the international military and government market.”
Greenwich AeroGroup, which is based in Wichita, Kan., consists of 10 businesses that provide various products and services in the general, business, commercial, rotorcraft and military aircraft markets. Aero Precision will also provide Greenwich AeroGroup with additional OEM relationships.
Aero Precision said the deal will give it access to resources that will enable it to accelerate its growth worldwide.
Aero Precision’s financial adviser on the deal is Janes Capital Partners.