GGC Announces Acquisition of Tri Aerospace, LLC
FOR IMMEDIATE RELEASE
MILWAUKEE, WI—April 19, 2012—Generation Growth Capital, Inc. (“Generation Growth” or “GGC”) announced that it has acquired Tri Aerospace, LLC (“Tri Aerospace”).
Based in Terre Haute, Indiana, Tri Aerospace is a specialty parts manufacturer for major aerospace and several sub-tier aerospace engine suppliers. For more than 14 years, Tri Aerospace has specialized in machining large complex aerospace engine components. Tri Aerospace provides concurrent engineering, project management, and prototype builds on research and development projects. The existing facility and management team will remain intact following the transaction. GGC expects to make significant additional investments in the business to support future growth.
Bob Brown and Mary Beth Prickel, the previous owners of Tri Aerospace, will remain with the company to assist with a smooth transition to the next generation of management. Mr. Brown remarked, “I look forward to the even greater success that the company will have in the future. I think that our choice in buyers couldn't be better. The team at GGC are true professionals. I look forward to working with them.”
Tri Aerospace was acquired as part of GGC’s Model 2 Machine Group investment platform. Other Model 2 Machine Group companies include M2M Machining, Inc. of Muskego, WI and Clinkenbeard & Associates, Inc. of Rockford, IL. Model 2 Machine Group is a GGC-led consortium of companies that provide OEM customers with rapid prototyping, parts development, near net shape casting development and high tolerance machining.
John Reinke, Managing Director of Generation Growth Capital, commented, “Tri Aerospace is a perfect fit for the Model 2 Machine Group platform, both from a capabilities and a cultural perspective. We see immediate opportunities to leverage the capabilities of Tri Aerospace, Clinkenbeard, and M2M Machining to provide our OEM customers with an array of services to support their research and development projects all the way through to production.”
Cory Nettles, Managing Director of Generation Growth Capital, added, “Bob Brown, Mary Beth Prickel and the rest of the Tri Aerospace team have built a great reputation with their customers. We are pleased to support the company’s next stage of growth. At GGC, we are bullish on domestic manufacturing opportunities, particularly as they relate to the aerospace, mining, heavy truck, agricultural, and heavy equipment markets.”
Generation Growth Capital invests in small businesses to support a broad range of growth opportunities and ownership transitions. By partnering with solid management teams, GGC adopts a proactive, collaborative approach that builds the businesses in which they invest.
Senior financing was provided by BMO Harris Bank. Mezzanine financing was provided by Convergent Capital Partners. Terms of the transaction were not disclosed.
About Generation Growth Capital Fund II, LP
Generation Growth Capital Fund II, LP is a Milwaukee-based private equity firm focusing on investments in small businesses to support growth opportunities. Generation Growth Capital funds have investments in eight portfolio companies. Please visit www.generationgrowth.com for more information.
About Tri Aerospace, LLC
Tri Aerospace, LLC is an Indiana-based specialty parts manufacturer for major aerospace customers and several sub-tier aerospace engine suppliers. Please visit www.triaerospace.com for more information.
Contacts
On behalf of Generation Growth Capital Fund II, LP:
John Reinke, Managing Director
Generation Growth Capital, Inc.
jreinke@generationgrowth.com | (414) 291-8915