Aeroplane

Morgenthaler Private Equity sells Avtron Aerospace

Morgenthaler Private Equity (MPE) has sold Avtron Aerospace to CapitalWorks, a Midwestern and family-focused private equity firm based in Cleveland, Ohio. 

Avtron Aerospace is a designer and manufacturer of electrical, electronic, and hydraulic aircraft component test solutions for the global commercial and military aerospace markets.
 
The company's products and solutions serve blue chip customers across the entire aerospace supply chain including aircraft manufacturers, aircraft component OEMs, commercial airlines, independent MRO providers, and foreign and US military forces.
 
Terms of the transaction have not been disclosed.
 
John Pesec, president and CEO of Avtron Aerospace, says: "I personally want to thank MPE for its collaborative approach and strategic insights over the course of our partnership.  After successfully implementing many growth and operational improvement initiatives, Avtron Aerospace is well-positioned for future growth, and the company is excited to begin a new partnership with CapitalWorks."
 
Avtron Aerospace was one of three companies owned by Avtron Holdings, which MPE acquired in November 2007.  In March 2012, Avtron Loadbank was sold to Emerson.  In October 2012, Avtron Industrial Automation was sold to Nidec. 
 
Karen Tuleta, partner at MPE, says: "We are proud of what we have accomplished over our six year investment in Avtron.  MPE worked closely with management to build three market leading companies – Avtron Loadbank, Avtron Industrial Automation, and Avtron Aerospace – and then divested each one successfully in three separate transactions.  On behalf of myself, Peter Taft, Matt Yohe, and Mark Wachtmeister of MPE, as well as Rich Garcia of Avtron Holdings, it has been a pleasure working with the very talented management teams at each of the three Avtron companies and we wish them all continued success."
 
Jones Day served as legal advisor and Stifel, Nicolaus & Company served as financial advisor to MPE.

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