H-D Advanced Manufacturing Acquires Aerospace Components Manufacturer Crown Precision Machining
Resource from: H-D Advanced Manufacturing Company Likes:169
Oct 20,2014
PITTSBURGH--(BUSINESS WIRE)--
H-D Advanced Manufacturing Company (H-D) has expanded its presence in aerospace components by acquiring Crown Precision Machining (Crown). Crown is a provider of mission-critical, high-precision machining services to leading manufacturers serving the commercial aerospace and defense industries.
Crown is the fifth acquisition completed by H-D, joining Overton Chicago Gear Corporation, a manufacturer of large, heavy duty gears and gearboxes; Innovative Mechanical Solutions (iMECH), a manufacturer of highly engineered, custom bearings for the downhole mud motor industry; Leading Edge Heat Treating Services Ltd., a provider of superior heat treating solutions; and Sungear, a leading manufacturer of high precision gears and assemblies for the aerospace industry.
Located in Irwindale, CA and founded in the mid-1980s, Crown manufactures and assembles high precision machined components used in commercial aerospace and defense applications. Crown manufactures rod ends, caps, pinions, transfer tubes and other parts. These specialty components are incorporated into hydraulic actuation systems that control the movement of wings, rudders, landing gears, ailerons and flaps. Crown's products are principally used on Boeing's 737 platform, but can also be found on Boeing 777, 787 and 747 aircraft as well as on business and regional aircraft.
Crown’s co-founders, President Mark Miller and CFO Lisa Miller, will remain with the business for an extended, multi-year transition period.
“Crown is another outstanding addition to H-D as we continue to build a leading global manufacturer of mission-critical products,” said H-D CEO, Chris DiSantis. “The business enjoys long-term customer relationships and receives exceptionally high marks from the world's leading aerospace equipment manufacturers. We have partnered with Mark and Lisa Miller to grow ambitiously by investing in engineering, acquiring new equipment and expanding Crown's capabilities. Crown's customers will continue to receive the same world-class levels of quality and service as we help lift the company to the next level.”
“We are exceptionally proud of what we have accomplished at Crown, together with our colleagues and with the support of our customers,” said Lisa and Mark Miller. “As we approached this inflection point for the business and in our careers, it was deeply important to us to identify a partner that will preserve Crown’s culture of quality and service, accelerate the growth of the business through investment and provide great opportunities for our employees. H-D will provide all the resources that Crown needs to thrive in the future, and we are excited to partner with Chris DiSantis and his team.”
Tom Hicks, founder of Hicks Equity Partners, added, "The H-D platform has made excellent progress since its formation less than two years ago. Crown is another important strategic addition to the platform Chris and his team are building.”
The Riverside Company partner Tim Gosline, said, “We are excited that H-D has acquired Crown to increase its exposure to the aerospace industry. Crown has distinguished itself through high-quality products, highly responsive customer service and efficient manufacturing processes. We intend to build on this legacy by expanding Crown's manufacturing capacity, investing in its people and introducing lean manufacturing processes, all with the goal of supporting Crown's customers even better."
H-D was formed in December 2012 by a partnership among Hicks Equity Partners, The Riverside Company and Weinberg Capital Group to acquire and develop manufacturers of mission-critical, precision engineered components. H-D is led by Chris DiSantis, CEO, and Dale Mikus, CFO. H-D is actively seeking acquisition opportunities in gears and gearboxes, specialty bearings, aerospace components and other heavy-duty, precision-engineered products.
The Riverside Company’s Jeremy Holland was responsible for sourcing the acquisition opportunity, and H-D was advised on the transaction by KPMG and Jones Day.
Williams Capital Advisors, LLC acted as exclusive advisor to Crown.
H-D Advanced Manufacturing Company
H-D Advanced Manufacturing Company seeks to acquire operating companies in the severe duty, high-precision manufacturing sector targeting “mission critical” products and applications. H-D is led by Chris DiSantis, the former CEO of Latrobe Specialty Metals and the former President and COO of Hawk Corporation, and Dale Mikus, the former CFO of Latrobe Specialty Metals. H-D strives to enable its customers to be leaders in their respective industries by providing world class products, excellent customer service, highly responsive lead times and efficient manufacturing operations.
The Riverside Company
The Riverside Company is a global private equity firm focused on acquiring growing businesses valued at up to $250 million (
(H-D Advanced Manufacturing Company)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
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