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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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.
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