The private equity firm AE Industrial Partners [AEI] on Tuesday said it has acquired Aerostructures Acquisition LLC, also known as The Atlas Group, and will combine the company with its existing portfolio company F.M.I., Inc., to create a manufacturing company that produces a wide range of complex assemblies for commercial, military and business aircraft.
Terms of the deal were not disclosed. Atlas and FMI are based in Wichita, Kan., and combined have more than 1,000 employees.
Atlas makes aircraft doors, escape hatches, wing structures, and flight control assemblies for aerospace OEMs and its products are on Boeing’s [BA] 737 MAX commercial aircraft, the Lockheed Martin [LMT]-built F-35 fighter, General Dynamics’ [GD] Gulfstream G650, most aircraft built by Textron’s [TXT] Aviation segment, and others.
AEI said that combined, the two companies’ product portfolio will also include engine nacelle structures, pressure bulkheads, and others.
“The acquisition of Atlas represents a critical milestone in creating a highly strategic, purpose-built platform and we look forward to partnering with their senior leadership team to grow the business,” Jon Nemo, partner of AEI, said in a statement.
AEI’s financial adviser on the deal was PricewaterhouseCoopers and Atlas was advised by Lazard.