AE Industrial Partners has bought airplane parts manufacturer F.M.I Inc. The private equity firm is recognized as one of 10 Young and Thriving PE Firms worth watching.

FMI makes metal frames and engine parts, particularly for Boeing Co. (NYSE; BA) airplanes. The target is headquartered in Park City, Kanasas, and was founded in 1992.

“We believe the company has significant potential to grow with its current customers as well as expand to new customers throughout the growing aerospace industry," says AEI partner Jone Nemo. Financial terms of the deal we're not disclosed. Koch Siedhoff Hand & Dunn and Klenda Austerman advised FMI. Kirkland & Ellis represented AEI.

AEI, based in Boca Raton, Florida, invests in aerospace and power generation companies with up to $500 million in revenue. The firm has remained active since raising more than $600 million to invest in aerospace companies. For instance, AEI bought CDI Corp., a provider of engineering technology and managed staffing services.

Other deals involving suppliers to the aerospace industry include: Aircraft Technical Publishers’, backed by ParkerGale Capital LP, acquisition of CaseBank Technologies Inc.; Liberty Hall’s purchase of ZTM Inc. to integrate with its portfolio company Accurus Aerospace Corp.; Platte River Equity’s deal for airplane engine tester CTS Engines; and Golden Gate Capital’s purchase of aircraft ground support equipment provider Tronair Parent Inc.