NEW YORK, April 3, 2013 /PRNewswire/ -- MidOcean Partners ("MidOcean"), a leading mid market private equity firm, announced today that it has acquired, along with co-investors, a significant equity position in Noranco Inc. ("Noranco" or the "Company"), a leading supplier of complex machined and sheet metal components, kits, and assemblies for mission-critical landing gear, aero structure, and aero engine applications to the aerospace industry.
The Company, with operations in Canada and the U.S., focuses solely on the aerospace industry, covering commercial/regional jet, business jet and military/rotorcraft markets. The Company's key customers include Honeywell, United Technologies, Bombardier, Messier-Dowty and Spirit AeroSystems. Through its key customers, the Company supports high growth OEM platforms for Boeing, Airbus, and Bombardier, including the B737, B787, A380, Q400 and Global Express. Noranco sells its products under long term contracts and is a sole source supplier for the vast majority of its revenues.
"Noranco is a company with tremendous technical expertise in producing advanced precision-machined components for the aerospace industry. It serves a broad customer base and a broad base of aerospace platforms, including OEM platforms produced by Boeing, Bombardier, and Airbus," said Frank Nash, a MidOcean Managing Director. "We anticipate leveraging its impressive capabilities and management team by providing the capital to allow Noranco to continue to support the growth of its customers and to add new capabilities, customers and supported platforms to those Noranco already has."
Concurrent with the investment by MidOcean and its investor group, Michael Baughan, a MidOcean Executive Board member and former President and COO of B/E Aerospace, will become Chairman of Noranco. Mr. Baughan brings a wealth of experience to the board of directors of Noranco given his experience building B/E Aerospace into a multi-billion leading aerospace supplier through a strategy of both organic and acquisition growth initiatives. The new Board of Directors will also include several veterans of the aerospace industry, including Robert S. ("Steve") Miller, recent CEO of Hawker Beechcraft (and current chairman of MidOcean's Executive Board as well as of AIG), and MidOcean Management Affiliate Ray Valeika, a longtime executive and expert in the aircraft maintenance and aftermarket sectors.
Noranco CEO David Camilleri commented, "Noranco is extremely pleased to have completed this transaction with MidOcean Partners. Our position as a leader within this segment of aerospace has been formulated upon great people, precision products, integrated operational excellence, and a world class customer portfolio. With the strategic and financial support of MidOcean and its investor group, alongside a very positive market outlook for aerospace, Noranco can now rapidly move forward with the execution of its robust growth strategy."
About Noranco
Headquartered in Toronto, Canada, Noranco is a world class, integrated manufacturer and solutions provider to the international commercial and military aerospace sectors. Noranco provides complex machined and sheet metal components, assemblies, and kits for leading OEMs and Tier I suppliers in the landing gear, aero-structures, and aero engines markets. Its products portfolio is comprised of highly complex and difficult-to-manufacture work packages for flight critical applications. The Company has operations in both the U.S. and Canada. Additional information about Noranco is available at www.noranco.com.
About MidOcean Partners
MidOcean Partners is a premier private equity firm headquartered in New York focused on the middle market. MidOcean is committed to investing in high quality companies with stable market positions and multiple opportunities for growth. Targeted sectors include consumer, business and media services, and industrial services. MidOcean utilizes a broad foundation of expertise in its focus industries to create value for its investors and partners. For more information, visit www.midoceanpartners.com.
Contact for MidOcean: Chris Tofalli
(914) 834-4334
SOURCE MidOcean Partners
