Liberty Hall Capital Partners has acquired Precise Machining & Manufacturing.
Tulsa, Okla.-based Precise Machining supplies engineered machined parts, kits and assemblies and processing services to the aerospace industry. Terms of the deal were not disclosed.
The company will serve as the foundation for Accurus Aerospace Corp., which Libery Hall formed recently as an aerospace supply company. Accurus will make strategic acquisitions and investments to build the company. Liberty Hall expects increased demand to create growth opportunities.
“With strong demand from emerging market economies and the competitive need for the most fuel-efficient commercial aircraft driving order backlogs to all-time highs, annual production of new aircraft is expected to increase significantly over at least the next decade,” says Liberty Hall founder Rowan Taylor.
New York-based Liberty is a private equity firm that focuses exclusively on the aerospace and defense industry. The firm’s previous investments include Southern Air, OH Aircraft Acquisition and Firth Rixon.
Bank of America Merrill Lynch provided financing for the deal. Schulte Roth & Zabel provided legal advice.
Other recent aerospace parts deals include TriMas Corp.’s (Nasdaq: TRS) purchase of Mac Fasteners Inc., which makes aerospace fasteners for equipment manufacturers, and Astronics Corp.’s (Nasdaq: ATRO) deal for AeroSat Corp., which makes aircraft antenna systems.