The transaction enables ADC to improve the quality and scope of products available to its customers and further expand its reach in target markets.
BUENA PARK, California, February 12, 2024–(BUSINESS WIRE)–ADC Aerospace (“ADC” or the “Company”), a leading manufacturer of complex, highly hand-built parts used in critical applications in the aerospace, defense, medical, automotive and specialty markets industrial, today announced that it has acquired Cast-Rite Corporation, a leading provider of advanced casting and fabrication solutions.
Since being acquired in 2019 by GreyLion, an investment firm focused on high-growth businesses, ADC has continued to build on its long history of service as a high-performing manufacturer and trusted business partner. This acquisition builds on ADC’s commitment to improve the quality and breadth of products available to its customers and will enable the company to strategically increase its penetration of target markets, further utilizing existing manufacturing capacity.
John Schaefer, Chief Executive Officer of ADC, said: “We are excited about the opportunity to combine the Cast-Rite business with our existing capable and scalable platform, ADC Aerospace. While the manufacturing capabilities between our businesses are very similar, this acquisition provides a unique strategic opportunity and substantial acceleration of our growth plans. Over the next four months, we plan to transition Cast-Rite’s business to our ADC Buena Park facilities and have an experienced project team to accomplish this goal .”
David Ferguson, Managing Partner of GreyLion, said: “John and the entire ADC team have done an excellent job of successfully executing the Company’s strategic business objectives and ensuring that ADC continues to be a leading complication manufacturer. , highly engineered turnkey parts used in critical applications across the aerospace, defense, medical, automotive and specialty industrial markets. This transaction will enable the company to increase the depth and breadth of solutions that offers to its customers and will further position ADC for continued success over the long term.”
About ADC Aerospace
ADC Aerospace is a Manufacturing Solutions Partner for Aerospace, Defense, Medical and Specialty Industrial Market Leaders. The company is focused on being a market leader in high-pressure precision casting and additional value-added processes such as machining, coating and mechanical assembly. This turnkey approach and capability has enabled successful and long-term partnerships with several blue-chip clients, including Raytheon Technologies, Honeywell, Safran, TransDigm Group, Heico, L3Harris and Parker-Meggitt, among others. For more information about ADC Aerospace, please visit www.adc-aerospace.com.
About Cast-Rite Corporation
Cast-Rite Corporation (CRC) is a leading provider of advanced casting and fabrication. CRC produces zinc die and aluminum alloy, and provides services, such as engineering, tooling and fabrication, and other value-added operations to serve a broad spectrum of defense, electronics, and commercial applications. For more information about Cast-Rite Corporation, please visit www.cast-rite.com.
GreyLion focuses on investing in high growth businesses in the lower middle market. The firm seeks to partner with founders, entrepreneurs and existing management teams in several sectors to provide capital in tailored and flexible minority and control structures. GreyLion invests $25-125 million of investment capital in companies headquartered primarily within the United States. The firm currently manages three private equity funds with total commitments of $1.9 billion. For more information about GreyLion, please visit www.grelyon.com.
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