Aerospace parts maker Imaginetics LLC, backed by PE firms Kidd & Co. and Centerfield Capital Partners, is buying industry counterpart Azmark Aerosystems LLC.
Azmark, based Gilbert, Arizona, makes metal parts for clients that include Boeing Co. (NYSE: BA) Honeywell International Inc. (NYSE: Hon) and Raytheon Co. (NYSE: RTN). The company was formed in 2010 through the merger of Astrotronics LLC and M-DOT Aerospace. Imaginetics makes sheet metals for airplanes. Kidd and Centerfield acquired Imaginetics in 2013
“We will broaden and diversify our customer base, establish a second geographic presence in another important aerospace market and allow the two companies to share best practices,” says Imaginetics chairman Jim Levine, adding that the acquisition will allow Imaginetics to operate more as a ‘one-stop shop’ for its customers. The buyers are receiving financing from BMO Harris Bank NA.
Demand for airplane parts continues to pick up as companies look to upgrade aging fleets. Earlier in 2015, Warren Buffett’s Berkshire Hathaway said it will buy Precision Castparts for $37 billion; Kaman Corp. (NYSE: KAMN) is buying metal bearings maker Timken Alcor Aerospace Technologies Inc.; and Triumph Group Inc. (NYSE: TGI) announced plans to purchase Fairchild Controls Corporation from Airbus Defense and Space Inc. Fairchild makes power generation systems for the aerospace industry.