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Acorn Growth Companies (AGC) and The Edgewater Funds have partnered to acquire U.K. based Tods Aerospace & Defence.
AGC say the acquisition will look to further expand the design, engineering and manufacturing capabilities of AGC Composites and Aerostructures, which is a component of AGC Aerospace & Defense. Tods Aerospace & Defence specialises in the engineering, design and manufacture of advanced materials technology for aerospace and naval acoustic structures.
“This transaction is another exciting step in our global growth strategy,” stated Rick Nagel, Acorn Growth Companies Partner. “Tods’ sophisticated engineering, design and build experience will further complement our capabilities and also strengthens and diversifies our existing customer base.”
“This addition will lead to further group innovation, efficiencies and ultimately create a higher value partnership with our customers,” said Rick Armstrong, President and CEO of AGC Composites and Aerostructures. “Tods will play an integral role in the strategic advancement of our group platform as we further penetrate the European, Middle East and Asian marketplaces.”
“By joining such an innovative and strategically focused team, Tods will become a more resourceful strategic partner to our customers, and also be better positioned to address significant market trends,” added Simon Finch, President of Tods Aerospace & Defence.
The acquisition marks the second international joint venture between Acorn Growth Companies and The Edgewater Funds and the third overall partnership in the last year. Tods Aerospace & Defence will become the fifth business to be consolidated into AGC Composites and Aerostructures.
Caltius Capital Management and PNC Bank provided debt financing for the transaction. Lincoln International represented the buyer.
The Tods executive team will be integrated into AGC Composites and Aerostructures and do business as Tods Composite Solutions, an AGC Aerospace and Defense Company. Details of the transaction were not disclosed.
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