Harris Williams & Co. Advises Pexco LLC on the Sale of its Aerospace Business to TransDigm Group
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of the assets of the aerospace business of Pexco LLC (Pexco Aerospace), a portfolio company of Odyssey Investment Partners, LLC (Odyssey) to TransDigm Group Incorporated (TransDigm) for $496 million. The purchase price includes approximately $160 million of tax benefits to be realized by TransDigm over a 15 year period beginning in 2015. Pexco Aerospace is the leading global provider of extruded plastic interior parts used in the commercial aerospace industry. Harris Williams & Co. acted as the exclusive advisor to Pexco LLC. The transaction closed on May 14, 2015 and was led by Jon Nemo, Doug Kinard, Chris Smith and Meghan McGurk from Harris Williams & Co.’s Aerospace, Defense & Government Services (ADG) Group.
"Pexco Aerospace is a differentiated aerospace business that fits well with TransDigm's overall strategy," said Jon Nemo, a managing director in Harris Williams & Co.’s ADG Group. "This transaction represents another successful investment for Odyssey and supports their strong track record of building leading aerospace companies."
"Strategic demand for unique platforms in commercial aerospace remains strong," said Doug Kinard, a vice president in Harris Williams & Co.’s ADG Group. "Pexco Aerospace is well positioned for growth given its attractive positions on all active Boeing commercial platforms and its significant and growing aftermarket opportunity."
Pexco Aerospace is a global leader in the manufacturing of extruded plastic interior parts for use in the commercial aerospace industry. Pexco’s customers include aircraft OEMs, tier 1 interior suppliers and leading global airlines in the aftermarket. The company employs approximately 300 people in two locations in Yakima, Washington and Huntington Beach, California.
Odyssey, with offices in New York and Los Angeles, is a leading middle market private equity firm with approximately $4 billion under management. Odyssey primarily makes majority controlled investments, typically in established middle market companies, in a variety of industries.
TransDigm, through its wholly-owned subsidiaries, is a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircrafts in service today. Major product offerings, substantially all of which are ultimately provided to end-users in the aerospace industry, include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, NiCad batteries and chargers, engineered latching and locking devices, rods and locking devices, engineered connectors and elastomers, cockpit security components and systems, specialized cockpit displays, aircraft audio systems, specialized lavatory components, seatbelts and safety restraints, engineered interior surfaces, lighting and control technology, and military personnel parachutes and cargo loading, handling and delivery systems.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Harris Williams & Co.’s ADG Group offers strategic advice to a global base of leading aerospace, defense and government services clients. For more information on the ADG Group and other recent transactions, visit the ADG Group’s section of the Harris Williams & Co. website.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.