PCX Aerosystems on Monday said it has agreed to acquire Senor Aerospace Connecticut, a manufacturer of metallic components for rotorcraft and turbine engines.
Senior Aerospace Connecticut, a U.S. subsidiary of Britain’s Senior plc
, had $43.1 million in sales in 2019 and $4.9 million in operating profit. The business has about 100 employees.
Senior said that PCX is paying $74 million for its Connecticut-based business. The transaction is expected to close in the first half of 2021.
PCX, which is also based in Connecticut, said the acquisition will give it revenue synergy opportunities across military and commercial platforms.
“We at PCX view the acquisition of SAC as a very positive transaction for all of our stakeholders,” Jeff Frisby, president and CEO of PCX, said in a statement. “The combination of these two long-standing Connecticut manufacturers creates an enterprise capable of providing a broad set of supply chain solutions for our customers.”
PCS is owed by the private equity investor RFE Investor Partners and the company’s management. PCX produces complex machined parts made from titanium, Inconel and steel directly for its customers, which include Boeing [BA], General Electric [GE] Aircraft Engines, Textron’s [TXT] Bell Helicopter, and Lockheed Martin’s [LMT] Sikorsky unit.
Senior’s financial adviser on the deal is Lazard & Co.