TransDigm Group acquires Pexco LLC aerospace business

Cleveland, Ohio – TransDigm Group Inc. has completed the acquisition of the assets of the aerospace business of Pexco LLC, a portfolio company of Odyssey Investment Partners LLC, for approximately $496 million in cash. The acquisition was previously announced on April 30, 2015. The transaction closed on May 14, 2015.

 

Pexco Aerospace is a global leader in manufacturing extruded plastic interior parts for 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.

 

TransDigm, through its wholly-owned subsidiaries, is a global designer, producer, and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft 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., a member of The PNC Financial Services Group and a middle market investment bank, acted as the exclusive advisor to Pexco LLC in the sale of assets of its aerospace business.

 

"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."

 

Odyssey, with offices in New York and Los Angeles, is a 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.