Private equity firm Hammond, Kennedy, Whitney & Company has sold its portfolio company Arnold Engineering to Noranco. No financial terms were disclosed. Houlihan Lokey advised HKW on the transaction. Based in Corona, Calif., Arnold is a maker of parts and components for the military and commercial aerospace sector.
Indianapolis, IN – Hammond, Kennedy, Whitney & Company, Inc. (“HKW”) is pleased to announce that on December 30, 2013, it closed on the sale of Arnold Engineering (“Arnold”). Arnold, based in Corona CA, is a contract manufacturer of complex machined parts and assembly structures for leading military and commercial aerospace customers. Arnold had been a portfolio company of HKW since 2009.
The buyer is Noranco, Inc., a world class, integrated manufacturer and solutions provider to the international commercial and military aerospace sectors.
“We were pleased to support the Arnold team during its growth of key customer relationships, high quality product standards, and developing technologies,” said Mark Becker, Partner at HKW and former Chairman of Arnold.
About HKW – HKW is a private equity firm founded in 1903 with offices in Indianapolis and New York. Since 1982, HKW has sponsored 44 platform transactions of lower middle-market companies throughout North America as well as 48 add-on acquisitions. For further information on HKW, please visit www.hkwinc.com. For further information on Arnold, please visit www.arnoldeng.com.
Houlihan Lokey acted as the exclusive financial advisor to HKW on the sale of Arnold.