M&A Deal Summary

Precision Castparts Acquires Centra Industries

On May 7, 2012, Precision Castparts acquired aerospace company Centra Industries from New Heritage Capital and The Stephens Group

Acquisition Highlights
  • This is Precision Castparts’ 6th transaction in the Aerospace sector.
  • This is Precision Castparts’ 1st transaction in Canada.
  • This is Precision Castparts’ 1st transaction in Ontario.

M&A Deal Summary

Date 2012-05-07
Target Centra Industries
Sector Aerospace
Buyer(s) Precision Castparts
Sellers(s) New Heritage Capital
The Stephens Group
Deal Type Add-on Acquisition
Advisor(s) Wells Fargo Securities (Financial)
Choate Hall & Stewart
Gowling Lafleur Henderson LLP (Legal)

Target

Centra Industries

Cambridge, Ontario, Canada
Centra Industries is a family-owned manufacturer of structural components and assemblies for commercial aircraft, specializing in high-speed production of geometrically complex, tight tolerance parts. Company products can be found on major platforms such as Boeing's 737, 747, 777, and 787, Bombardier's RJ and Business Jet programs, Airbus's A-380, and Lockheed Martin's F35.

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Buyer(S) 1

Buyer

Precision Castparts

Portland, Oregon, United States

Category Company
Founded 1949
Sector Manufacturing
Employees29,900
Revenue 10.0B USD (2015)
DESCRIPTION

Precision Castparts is a manufacturer of complex metal components and products. It serves the aerospace, power, and general industrial markets. Precision Castparts was formed in 1953 and is headquartered in Portland, Oregon.


DEAL STATS #
Overall 15 of 31
Sector (Aerospace) 6 of 14
Type (Add-on Acquisition) 12 of 26
State (Ontario) 1 of 2
Country (Canada) 1 of 2
Year (2012) 2 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-08 RathGibson

Lincolnshire, Illinois, United States

RathGibson, Inc. is a manufacturer of high–performance welded austenitic stainless steel and specialty alloy tubing. RathGibson tubing is chosen where strength, durability and resistance to heat and corrosion are crucial. Representative end uses occur in industries such as oil and gas production and exploration, power generation, food and dairy, pharmaceuticals, biotechnology, petrochemicals and semiconductors.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-15 Dickson Testing

South Gate, California, United States

Dickson Testing Co., Inc. is a full service destructive testing laboratory serving aerospace and metallic producers worldwide. Our laboratories serve our customers with metallurgical, mechanical, corrosion, and chemical testing services. In support of these services our facility provides complete specimen fabrication, cut off services and heat treat capability.

Buy -

Seller(S) 2

SELLER

New Heritage Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

New Heritage Capital LLC is a private investment firm specializing in the acquisition and equity-based recapitalization of private, family owned businesses. Heritage looks to invest in growing, middle-market companies with at least $30 million in annual revenue and EBITDA of at least $4 million. Target sectors include aerospace, consumer products, food/beverage, media/publishing, healthcare, manufacturing, pet products, plastics/packaging, printing, and value-added distribution. New Heritage Capital LLC was formed in 2006 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 14 of 22
Sector (Aerospace) 1 of 2
Type (Add-on Acquisition) 6 of 9
State (Ontario) 1 of 2
Country (Canada) 1 of 2
Year (2012) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-02 Covalent Health

Cotati, California, United States

Covalent Health is a provider of innovative logistics solutions to hospitals, payors, physicians, and health systems. The company operates through subsidiaries ProTransport-1, PRN Ambulance, Century Ambulance, and ATS Ambulance in the Northern California, Southern California, Northern Florida and the Metropolitan Chicago/Indianapolis markets. Covalent Health is based in Cotati, Califonia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-01 PT-1 Ambulance

Cotati, California, United States

PT-1 Ambulance is a provider of patient logistics services to hospital systems in Northern California. We deliver unparalleled customer service, pairing the latest mobile technology with innovative solutions to streamline efficiency throughout the patient care process. PT-1 Ambulance was founded in 2000 and is based in Cotati, California.

Buy -
SELLER

The Stephens Group

Little Rock, Arkansas, United States

Investor Investor Investor Investor Investor


Category Family Office
Founded 1933
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Stephens Group is a private investment firm focused on long-term investments in mid-sized companies. The Firm looks to partner with management teams when pursuing acquisitions. Sectors of interest include energy, energy services, business services, industrials, consumer products, consumer services, financial services, healthcare, technology, media, and communications. The Stephens Group was originally established in 1933 and is headquartered in Little Rock, Arkansas.


DEAL STATS #
Overall 12 of 28
Sector (Aerospace) 1 of 1
Type (Add-on Acquisition) 5 of 12
State (Ontario) 1 of 1
Country (Canada) 2 of 3
Year (2012) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-12 FloWorks

Pasadena, Texas, United States

FloWorks is a specialty distributor of critical flow control products and a provider of tailored technical solutions for MRO-focused applications. The Company serves customers across chemicals, downstream refining & renewables, high purity & sanitary, and other industrial end markets. Its product categories include valves & automation, corrosion-resistant flow control, rotating equipment, flanges, filters & purifiers, and instrumentation. FloWorks is based in Pasadena, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-01 PT-1 Ambulance

Cotati, California, United States

PT-1 Ambulance is a provider of patient logistics services to hospital systems in Northern California. We deliver unparalleled customer service, pairing the latest mobile technology with innovative solutions to streamline efficiency throughout the patient care process. PT-1 Ambulance was founded in 2000 and is based in Cotati, California.

Buy -