HSBC Capital, through its HSBC Private Equity Partners II fund, has acquired Compton, Calif.-based Venture Aircraft. Financial terms of the deal were not released. Venture Aircraft is a manufacturer of precision crafted sheet metal and machined components for the aerospace industry. HSBC Capital is the U.S. and Latin America private equity division of HSBC Group, and has more than $1.5 billion under management.
HSBC Private Equity Partners II USA L.P. (“HSBC Private Equity”), the U.S. and Latin America private equity division of HSBC Group, alongside members of management, have acquired Venture Aircraft, Inc. (“Venture”).
Venture, headquartered in Compton, California, is a leading manufacturer of precision crafted sheet metal, machined components, kits and subassemblies for the aerospace industry. The company’s products are integrated into commercial and military aerospace vehicles including top commercial jet airliners and many military airlifts, fighter aircraft and helicopter programs.
“We are excited to partner with the management team to lead the company into its next phase of growth.” said Duke Punhong, Vice President, HSBC Private Equity.
Dave Reves, the new CEO of Venture, said, “I am looking forward to working with HSBC Private Equity. I believe there are numerous opportunities to further professionalize the organization and better position ourselves to meet our customers increasing demands.”
Darren Moore, former owner of Venture and new Director of Sales, said, “After almost 40 years of being family owned, I’m thrilled to have partners with the experience and financial resources to help Venture expand.”
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About HSBC Capital (USA) Inc.
HSBC Capital (USA) Inc. is the U.S. and Latin America private equity division of HSBC Group. With over $1.5 billion in capital under management, HSBC Capital invests equity and mezzanine capital in lower middle market companies led by strong, entrepreneurial management teams. HSBC Capital also invests junior capital in real estate transactions and manages a fund-of-funds portfolio. For more information, visit www.hsbcprivateequity.com.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 8,000 offices in 87 countries and territories in Europe, the Asia-Pacific region, North America, Latin America and the Middle East. With assets of US$2,418 billion at 30 June 2010, HSBC is one of the world’s largest banking and financial services organizations. HSBC is marketed worldwide as “the world’s local bank.”