ATL Partners has launched a new aerospace and defense platform, Precise Aerospace & Defense, by acquiring Phoenix, Arizona-based Precise Metal Products from affiliates of Staple Street Capital for undisclosed terms.
PMP, founded in 1957, specializes in complex forming and fabrication for aircraft engine, auxiliary power unit and environmental control systems. It holds long-term agreements covering narrow-body, wide-body and defense programs, working with OEMs and Tier 1 suppliers.
This marks the first acquisition for the new platform. ATL plans to support PMP's organic growth while pursuing add-on acquisitions to broaden the platform's products, capabilities and customer relationships. CEO Steve Bangerter and the senior leadership team will continue to run the company.
ATL, founded in 2014, is a sector-focused private equity firm investing in commercial aerospace, national security and transportation and logistics. Lincoln International was exclusive financial adviser to ATL, while Houlihan Lokey advised PMP and Staple Street.
Source: PE Hub · Summarized by HeadlinesBriefing