FOR IMMEDIATE RELEASE – March 1, 2018
Tribus Aerospace LLC (“Tribus Aerospace”) announced today that an affiliate has completed the acquisitions of Precision Aerospace Corp. (“PAC”) and Precision Micro Mill LLC (“PMM”). Tribus Aerospace is a precision machining business focused on critical engine, motion control and flow control parts and assemblies primarily for the aerospace and defense industries. Shorehill Private Equity LP, the majority shareholder of Tribus Aerospace, supported the acquisition with additional equity capital. William (“Bill”) R. Hoyer, President and sole owner of both PAC and PMM, will continue as President of both companies and will become a shareholder in Tribus Aerospace.
The terms of the acquisitions were not disclosed.
Founded in 1956 and acquired by Bill Hoyer in 1990, PAC is a Grand Rapids, Michigan-based manufacturer of complex parts and assemblies for a broad range of commercial aerospace and defense applications. Products include hydraulic manifolds, port caps, mounting flanges, housings, rotor parts and assemblies used in hydraulic pumps, fuel systems, and transmissions. PMM is a Wayland, Michigan-based captive contract manufacturer to PAC specializing in small volume, short lead time parts.
“I am grateful to our customers and associates at PAC and PMM who have helped us develop into a world-class manufacturer and believe that joining Tribus Aerospace will increase our ability to support and serve them,” said Bill Hoyer, President of PAC and PMM.
“The acquisitions of PAC and PMM fit precisely with our strategy to build Tribus Aerospace into a leading supplier of critical aircraft turbine engine, motion control and flow control components and assemblies,” said Scott Shedd, Co-Chairman of Tribus Aerospace. “We are incredibly fortunate to have Bill lead our effort to build Tribus in the Midwest. He is a proven leader with incomparable knowledge of our market,” added Simon Farhi, Co-Chairman of Tribus Aerospace.
“Bill has built an impressive business at PAC, with significant growth potential across a range of attractive commercial and military platforms. We are excited to partner with Bill and his teams at PAC and PMM,” said Doug Knoch, Managing Director at Shorehill Capital.
Comerica Bank provided financing to Tribus Aerospace to fund the acquisitions. Paul Hastings LLP served as legal advisor and Crowe Horwath LLP provided accounting and tax advice to Tribus Aerospace and Shorehill Capital.
About Tribus Aerospace
Tribus Aerospace is an aerospace and defense precision machining company. The company produces components and assemblies for turbine engines, (augmentors, fuel nozzles, housings, and shafts), motion control applications (actuators, bearings, gears, and gear boxes) and flow control applications (valves, manifolds, pumps, and tubing assemblies). In addition to PAC and PMM, the operations of Tribus Aerospace include San Diego, California-based Advanced Machining & Tooling.
Tribus Aerospace seeks to acquire aerospace and defense-focused precision machining companies and is interested in acquisition opportunities presented by business owners, management or M&A intermediaries. Please contact Scott Shedd, Simon Farhi or Doug Knoch regarding transaction opportunities.
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 seeks opportunities where its experience, network and investment management approach can have a significant impact on investment performance. The Shorehill partners have a track record spanning nearly 30 years 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.