MidOcean Partners Completes the Sale of Noranco Inc. to Precision Castparts Corp.
October 30, 2015
NEW YORK -- MidOcean Partners (“MidOcean”), a leading mid market private equity firm, has completed the sale of Noranco Inc. to Precision Castparts Corp on October 30, 2015. 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.
MidOcean acquired the company in April 2013 with co-investors, and paired its operating resources in the aerospace sector with the Company’s management team to drive revenue growth and complete two accretive acquisitions.
“Our successful investment in Noranco is a perfect example of MidOcean’s strategy to back strong management teams who leverage our operating resources to drive growth and operating efficiency,” commented Ted Virtue, CEO of MidOcean, “Noranco has been a terrific platform to consolidate the highly fragmented aerospace sector and this is a great outcome for our investors.”
Lazard acted as the exclusive financial advisor to Noranco.
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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 Partners was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.
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