MidOcean Partners Announces Sale of Noranco Inc., Completes Two Year Growth Plan with Aerospace Platform
July 27, 2015
NEW YORK -- MidOcean Partners (“MidOcean”), a leading mid market private equity firm, announced today that it has reached a definitive agreement to sell Noranco Inc. to Precision Castparts Corp. Noranco is a leading supplier of complex machined components and assemblies for mission-critical landing gear, aerostructures, and aero engine applications to the aerospace industry.
The Company, with operations in Canada, the United States and Mexico, focuses solely on the aerospace industry, covering commercial/regional jet, business jet and military/rotorcraft markets. The Company’s key customers include Honeywell, United Technologies, Bombardier, Safran, Spirit AeroSystems and Boeing. Through its key customers, the Company supports high growth OEM platforms for Boeing, Airbus, and Bombardier, including the B737, B787, B777, A350, A320, and Global Express. Noranco sells its products under long term contracts and is a sole source supplier for most of its revenues.
MidOcean acquired the company in April 2013 jointly with PSP Investments, and paired its operating resources in the aerospace sector with the Company’s management team to drive revenue growth and complete two accretive acquisitions.
“We are very pleased with this outcome,” commented Ted Virtue, MidOcean’s CEO, “which reflects the successful completion of MidOcean’s strategy to leverage our operating resources to drive growth and operating efficiency. Noranco has been a terrific platform to consolidate the highly fragmented aerospace sector and we are proud of the job the Noranco management team and our operating resources have done”.
Lazard acted as the exclusive financial advisor to Noranco.
* * * *
Headquartered in Toronto, Canada, Noranco is a world class, integrated manufacturer and solutions provider to the international commercial and military aerospace sectors. Noranco provides complex machined and sheet metal components, assemblies, and kits for leading OEMs and Tier I suppliers in the landing gear, aero-structures, and aero engines markets. Its products portfolio is comprised of highly complex and difficult-to-manufacture work packages for flight critical applications. The Company has operations in both the U.S. and Canada. Additional information about Noranco is available at www.noranco.com.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.
MidOcean Media Relations Contacts
Amanda Shpiner/Grace Cartwright
Gasthalter & Co.
MidOcean Investor Relations Contact