Novaria Group Acquires Fitz Manufacturing

Fort Worth-based Novaria Group has acquired of Fitz Manufacturing Industries, a supplier of precision aerospace components. Novaria will pursue strategic growth and expansion of Fitz’s capabilities while also delivering enduring value to customers, employees, and the aerospace industry. As part of the acquisition, Fitz Manufacturing will be renamed Fitz Aerospace.

“There is significant opportunity for Fitz to accelerate its growth plans by joining forces with Novaria,” says Earl Larkin, managing partner of Novaria Group. “The current Fitz management team, combined with our financial support, deep industry relationships, and strategic expertise, will better serve customers while preserving the culture and reputation for high quality that Fitz has built over the last 16 years.”

Fitz’s manufacturing capabilities are focused on three primary product categories: aerospace bushings, aerospace fasteners, and precision-machined components. These products are incorporated into most subsystems of both commercial and military airframe applications. The company also operates a metal finishing facility, allowing it to vertically integrate processes and more comprehensively serve its customers.

Fitz’s customers include many major tier 1 and tier 2 original equipment manufacturers (OEMs), and major distributors, including B/E Aerospace, Boeing, Bombardier, GE, Goodrich, Spirit, and Wesco.

Greg Fitzgerald, founder of Fitz Manufacturing, will remain an equity partner and CEO of the company.

“To better serve our customers during this critical time in the aerospace market, I needed a true partner who understood the industry, had experience operating successful organizations, and provided value-add well beyond capital support,” Fitzgerald said. “Novaria is this ideal partner. This alliance will allow our company to reach the next level of profitable growth, while also providing stability to our workforce and their families for many years to come.”

Fitz will maintain its current 132,000ft² location in North Richland Hills, just miles north of Fort Worth, Texas. The company has approximately 150 employees and was founded in 1995 under the vision and entrepreneurial spirit of the Fitzgerald family, including Greg’s parents, Barry and Bonnie Fitzgerald and longtime friend Steve Huey.

Novaria Group plans portfolio growth through acquisition?
Novaria is currently pursuing additional growth opportunities, capitalizing on the expanding aerospace market by acquiring majority interests in small- to mid-market companies looking for a long-term oriented, well-aligned, financial and operational partner.

“Our goal is to create a group of precision-component companies that work synergistically to deliver superior solutions to customers, while enhancing operational efficiencies and delivering value,” says Bryan Perkins, managing partner of Novaria. “We have a long-term view of investing, with a key focus on sustainability and stakeholder balance.”
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