FOR IMMEDIATE RELEASE – March 8, 2019
Tribus Aerospace Corp. (“Tribus Aerospace”) announced today that it has completed the acquisition of Midwest Precision Holdings Inc. and related entities (“Midwest Precision”). Tribus Aerospace is a manufacturer of precision components for aerospace, defense and industrial markets. Shorehill Private Equity LP (“Shorehill Capital”), the majority shareholder of Tribus Aerospace, supported the acquisition with additional equity capital. The terms of the acquisition were not disclosed.
Founded in 1953 and based in Eastlake (Cleveland), OH, Midwest Precision (formerly Midwest Screw Products), specializes in precision manufacturing of complex components for aerospace, defense, energy and engineered products markets. Its Comptrol division is a leading manufacturer of tension measurement solutions, linear motion products, and connecting rod weight verification products. “It is an exciting time for Midwest Precision to become part of Tribus Aerospace. This combination will enable us to support our customers with expanded manufacturing capabilities,” said Todd Richardson of Midwest Precision.
“Midwest Precision is our fourth acquisition since founding Tribus Aerospace in June 2017. The acquisition of Midwest Precision is aligned with our strategy to be the supplier of choice for precision power, propel and control product solutions. We are excited to add the Midwest Precision employees and management team to our growing organization,” said Bob Ellithorpe, Chief Executive Officer of Tribus Aerospace. “Our growing platform delivers value-added product solutions to our OEM and Tier I customers, who are seeking best-in-class suppliers to support their growth,” said Simon Farhi, Co-Chairman and Chief Financial Officer of Tribus Aerospace.
Antares provided debt and equity capital to Tribus Aerospace in support of this acquisition. Paul Hastings LLP served as legal advisor and Crowe LLP provided accounting and tax advice to Tribus Aerospace and Shorehill Capital.
Tribus Aerospace seeks to acquire aerospace and defense-focused manufacturing companies and is interested in acquisition opportunities presented by business owners, management or M&A intermediaries. Please contact Scott Shedd, Co-Chairman and Chief Development Officer at Tribus Aerospace.
About Tribus Aerospace
Tribus Aerospace is an aerospace, defense and industrial manufacturing company. The company produces components and assemblies for applications in turbine engines, motion control and flow control systems. In addition to Midwest Precision, the operations of Tribus Aerospace include: Precision Aerospace Corp., Precision Micro Mill Corporation and Advanced Machining & Tooling. For additional information, please visit www.tribusaerospace.com, www.midwestllc.com, www.precision-aerospace.com, and www.amtmfg.com.
About Shorehill Capital
Shorehill Capital is a Chicago-based private equity firm focused on making control equity investments in North American engineered industrial product, industrial service and value-added distribution companies with enterprise values up to $150 million. Shorehill Capital seeks opportunities where its experience, network and investment management approach can have a significant impact on investment performance. The Shorehill Capital partners have a 30-year track record of helping middle market companies achieve increased growth and improved operational performance through a structured investment management plan. For additional information, please visit www.shorehillcapital.com.