Linsalata Capital Partners Recaps Whitcraft

Cleveland-based private equity firm Linsalata Capital Partners has recapitalized Whitcraft, a manufacturer of aerospace components. Financial terms of the deal were not released. Harris Williams & Co. acted as advisor to Whitcraft. Whitcraft is based in Eastford, Conn.

PRESS RELEASE
Harris Williams & Co. is pleased to announce the recapitalization of Whitcraft LLC by Linsalata Capital Partners (Linsalata), a Cleveland-based private equity firm, in partnership with the company’s founding shareholders and management. Whitcraft’s current management team, led by CEO Colin Cooper and President & COO Jeffrey Paul, will continue to lead the company’s operations. The transaction closed on December 16, 2010. Harris Williams & Co. acted as the exclusive advisor to Whitcraft. The transaction was led by Jon Nemo, Chris Rogers and Doug Kinard from the firm’s Aerospace, Defense & Government Services (ADG) Group.

“Whitcraft is a terrific aerospace platform with a strong track record of growth resulting from a unique combination of operational excellence and superior customer service. Whitcraft’s partnership with Linsalata represents a great outcome for all parties involved and we look forward to watching the success of Whitcraft as it continues to grow,” said Jon Nemo, a managing director and head of the ADG Group at Harris Williams & Co.

“We continue to see strong M&A deal flow in the aerospace market, with both strategic and financial buyers attracted to the solid fundamentals and long-term growth dynamics of the sector,” added Chris Rogers, vice president at Harris Williams & Co.

Whitcraft, headquartered in Eastford, CT, is a leading independent manufacturer of precision formed, machined, and fabricated flight-critical aerospace components. The company manufactures and delivers over 3,300 different parts and assemblies across leading military and commercial aircraft engine and airframe platforms. Whitcraft’s ability to deliver highly engineered and diverse products with reliable service and short lead times, coupled with its ability to provide value-added services like kitting, have led to numerous awards and accolades, preferred supplier status, long-term supply agreements, and strong sales momentum.

Linsalata, based in the Cleveland suburb of Mayfield Heights, OH, was founded in 1984 and has combined its strong financial capabilities with extensive operational experience to accelerate growth of middle market companies. Linsalata is currently investing from its sixth fund, with $425 million in committed equity capital.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is the premier middle market advisor with a two-decade legacy of sell side excellence serving clients worldwide. The firm is focused exclusively on the middle market providing sell side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which is authorized and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.

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