Liberty Hall Remains Acquisitive, Backs Aerospace Parts Supplier ZTM
Liberty Hall Capital Partners acquired aerospace parts supplier ZTM Inc. The target will be integrated with Liberty Hall portfolio company Accurus Aerospace Corp. Financial terms were not disclosed.
ZTM, founded in 1989 and located in Wichita, Kansas, supplies parts to airplane manufacturers. Some of ZTM’s notable customers include Boeing Co. (NYSE: BA) and Spirit AeroSystems Holdings Inc. (NYSE: SPR) Liberty Hall partner Rowan Taylor says the addition of ZTM “reinforces our strong relationships with our largest customers and extends Accurus’ geographic presence.” Accurus was formed by Liberty Hall in 2013 and has purchased Precise Machining & Manufacturing in 2013; McCann Aerospace Machining in 2014; and LaCroix in 2015.
New York-based Liberty Hall has been in active in buying airplane part companies. The PE firm previously purchased parts distributor J&M Machine LLC; engine parts manufacturer Bromford Industries; and also added also added seat shell maker AIM Aerospace.
In other aerospace deals, AE Industrial Partners acquired metallic parts maker AC&A; MTS Systems Corp. (Nasdaq: MTSC) agreed to buy sensor producer PCB Group Inc.; and TransDigm Group Inc. (NYSE: TDG) is buying Data Device Corp. (DDC), a maker of electronic components for aircraft.
Koch Siedhoff Hand & Dunn along with Stinson Leonard Street advised ZTM. Schulte Roth & Zabel and Pillsbury advised Liberty Hall. Bank of America Merrill Lynch and Citizens Bank provided financing.