Middle market private equity firm American Industrial Partners has acquired the US operating subsidiaries (AIP Aerospace) of Hampson Industries.
The transaction marks the fund’s fifth investment in 2012 and will be made out of American Industrial Partners Capital Fund V, AIP’s USD717.5m fund that closed in December 2011.
AIP Aerospace, with approximately 1,140 employees and 10 manufacturing facilities located in California, Michigan and Texas, has developed unique product offerings and capabilities to serve the global aerospace market.
The investment is comprised of five operating divisions with a total of approximately USD210m in sales: three developers of complex metallic and composite aerospace moulds, mandrels, assembly jigs and fixtures – Odyssey Industries; Global Tooling Systems; and Coast Composites; and two manufacturers of aerostructure and composite components – Composites Horizons and Texstars.
"We feel fortunate to have found a business with such a unique set of competencies," says Joel Rotroff of AIP. "We are excited by the outlook for the commercial aerospace industry and look forward to working with management to drive growth and margin improvement."
"We are extremely pleased to be partnering with the American Industrial Partners team. Our shared commitment to build on the demonstrated accomplishments of our businesses, as well as our focus on delivering expanded capabilities and value to our customers will drive profitable growth," says Norman Jordan, chief executive of AIP Aerospace.
