Kidd & Company (KCO), a private investment firm focused on the middle market, has teamed up with Centerfield Capital Partners to acquire Imaginetics, a manufacturer of precision metal components and assemblies for the aerospace industry.
Located in Auburn, Washington, Imaginetics has begun to benefit from substantial growing demand in the airframe and aerostructures supply chain, as original equipment manufacturers struggle to secure capacity to allow them to meet aircraft delivery forecasts.
The company’s current customer base includes Boeing Commercial Airplanes, Boeing Defense Services, Hexcel Corporation, Spirit Aerosystems, and Zodiac Aerospace, among others.
"We are impressed by the breadth of the company’s capabilities, spanning metal fabrication, CNC machining and part-to-part and final assembly, to offer customers a single-vendor solution for a variety of complex manufacturing needs," says Donald M Hardie, a partner at KCO. "We are excited to partner with the management team to build on the terrific foundation they have created and, together, plan to continue to grow Imaginetics by serving the increasing demands of its customer base."
In connection with the transaction, Imaginetics has promoted Scott Strong to president and Pat Prince to vice president of operations, while adding Bob Mozzacavallo as the company’s new chief financial officer and Michael Cook as the new vice president of sales, marketing and contracts. Strong, a 20+ year industry veteran, joined Imaginetics in early 2011 as the company’s vice president of operations.
Strong says: "We are very excited about our new partnership with KCO. There are many growth opportunities for Imaginetics and we are confident in our ability to capitalize on them with the help of our newly expanded management team and the additional resources that come from the KCO team."
Tony Castor, a KCO partner and board member of Imaginetics, says: "This investment fits perfectly with KCO’s investment strategy of partnering with management teams to transform businesses in industries undergoing change in order to build fundamental value. We are very excited about the opportunities within the aerospace sector and are thrilled to be partnering with Scott and the expanded management team to take the company to the next level."
Centerfield Capital Partners and related parties provided subordinated debt and equity to support the transaction led by KCO. BMO Harris Bank provided senior debt.
