Acorn Growth Cos. and the Edgewater Funds have partnered to buy Tods Aerospace & Defence Ltd.
The companies plan to use the acquisition to expand the design, engineering and manufacturing capabilities of AGC Composites & Aerostructures, a unit of AGC Aerospace & Defense.
Tods Aerospace specializes in the engineering, design and manufacturing of materials technology for aerospace and naval acoustic structures.
Caltius Capital Management and PNC Bank provided debt financing for the transaction. Lincoln International provided financial advice to Acorn and Edgewater.
Acorn Growth Companies is a private equity firm based in Oklahoma City that focuses on aerospace and defense. The firm controls ACG Aerospace & Defense portfolio companies, including AGC Composites & Aerostructures, and has more than $200 million in capital under management.
The Edgewater Funds, headquartered in Chicago, has about $1.4 billion in capital under management. The firm’s investments include AMF Bowling Worldwide Inc., DBS Communications Inc. and PowerQuest Corp.
Other recent aerospace deals include Behrman Capital’s purchase of National Hybrid Inc., Marubeni Corp.’s acquisition of a stake in Aircastle Ltd. (NYSE: AYR) for $209 million, and MB Aerospace Holdings Ltd.’s Delta Industries Inc. buy.