New York private equity firm MidOcean Partners has proposed to acquire Edac Technologies Corp. (Nasdaq: EDAC) for $97 million.
The purchase price works out to $18.25 per share in cash.
Edac Technologies, headquartered in Farmington, Conn., supplies engineered products to the aerospace, commercial, medical, industrial and machine tools markets.
The price is more than GB Aero Engine LLC’s March 18 offer of $17.75 per share. GB Aero is an affiliate of private equity firm the Greenbriar Equity Group. Edac’s board already approved the merger agreement and started its tender offer, according to a March 26 company statement. Edac's shares closed at $16.44 before the offer was announced.
MidOcean is proposing the deal in conjunction with a North American pension plan investment manager, which was not identified.
The firm primarily focuses on middle market investments in the consumer, business services and industrial services sectors.
Gibson Dunn & Crutcher LLP is MidOcean’s legal counsel.
Stifel Nicolaus & Co. Inc. is Edac’s financial adviser, while Robinson & Cole LLP is legal counsel. Kirkland & Ellis LLP is Greenbriar’s legal counsel.