MidOcean Partners has bought a stake in Noranco Inc., a supplier of machined and sheet metal components.
Terms of the deal were not disclosed.
Noranco, based in Toronto, supplies complex machined and sheet metal components and kits to the aerospace industry for landing gear and other parts. The company focuses on commercial and regional jets, business jets and military aircrafts. Customers include Honeywell International Inc. (NYSE: HON), United Technologies Corp., Bombardier Inc., Messier-Dowty Ltd. and Spirit AeroSystems Holdings Inc. (NYSE: SPR).
MidOcean is a New York private equity firm that invests in consumer, business, media and industrial service middle-market businesses. The firm proposed a deal to buy Edac Technologies Corp. (Nasdaq: EDAC) for $97 million in March. MidOcean usually makes equity investments of at least $25 million.