NEW YORK, May 14, 2015 /PRNewswire/ -- Odyssey Investment
Partners, LLC today announced that its portfolio company Pexco LLC
has sold its aerospace business ("Pexco Aerospace") to TransDigm
Group Incorporated (NYSE: TDG) for approximately $496 million in cash. The purchase price
includes approximately $160
million of tax benefits to be realized by TransDigm over a
15-year period beginning in 2015.
Craig Staub, a Managing Principal
at Odyssey, said, "Pexco Aerospace has grown significantly since we
acquired its parent company in 2012, reflecting the positive trends
in the global aerospace industry. We are very pleased to
complete a transaction that realizes Pexco Aerospace's attractive
value while giving the business a new home as part of a major
industry participant that will be a great strategic partner."
Neil Shillingford, Chief
Executive Officer of Pexco, added, "We are excited for our future
as a provider of plastic components focused on the medical and
specialty industrial markets. Our businesses are well
positioned to capitalize on many attractive growth opportunities
and to serve the needs of their strong customer base in these
attractive end markets. We thank all of our aerospace
employees in Yakima, Washington
and Huntington Beach, California
for their many contributions to Pexco over the years and wish them
well as part of TransDigm."
Latham & Watkins represented Pexco Aerospace with respect to
this transaction and Baker Hostetler represented TransDigm Group.
Harris Williams & Co served as exclusive advisor to Pexco
Aerospace.
About Odyssey Investment Partners
Odyssey Investment
Partners, LLC, with offices in New
York and Los Angeles, is a
leading middle-market private equity firm with approximately
$4.0 billion under management.
Odyssey Investment Partners, LLC primarily makes majority,
controlled investments typically in established middle-market
companies in a variety of industries. For further information about
Odyssey Investment Partners, LLC, please visit
http://www.odysseyinvestment.com.
About Pexco
Pexco LLC is based in the Atlanta
area with multiple plants in the United States and Mexico. Pexco is a
North American leader in the design and fabrication of custom
and specialty plastics products focusing on niche, high
value-added end markets. It provides standard and specialty
parts and components to manufacturers and end-users for a broad
range of applications across the medical,
defense, and industrial markets. Pexco offers
a full portfolio of custom design, engineering and fabrication
services; meets the requirements of ISO 9001:2000; is ITAR
certified; and operates multiple Class 7 & Class
8 clean rooms. For more information, visit
www.pexco.com or contact 404-564-8560.
Contact:
Mark Semer
Kekst and Company
(212) 521-4802
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SOURCE Odyssey Investment Partners, LLC