Novaria Group has acquired “substantially all” of the assets of Weatherford Aerospace, a provider of aircraft wing skins and unique services related to aerospace products. No financial terms were disclosed. Novaria Group is the aerospace investment platform for Rosewood Private Investments and Tailwind Advisors.
October 15, 2014 01:23 PM Eastern Daylight Time
FORT WORTH, Texas–(BUSINESS WIRE)–Fort Worth-based Novaria Group announces today the acquisition of substantially all the assets of Weatherford Aerospace Inc., a provider of aircraft wing skins, formed structures and unique services related to the treatment and processing of aerospace products. Novaria plans to pursue strategic growth and expansion of Weatherford’s capabilities, while also delivering enduring value to customers, employees and the aerospace industry.
“We believe there is an opportunity to grow Weatherford’s current aerospace market presence,” said Bryan Perkins, Co-CEO and President of Novaria Group. “The current pedigree of this long-standing and well-known aerospace supplier, coupled with Novaria’s financial resources and deliberate approach to operating in the aerospace marketplace, will be a winning combination for Weatherford employees, customers and suppliers, as well as Novaria and its investors.”
Weatherford’s manufacturing capabilities are focused on a wide variety of processes and products that are incorporated into most airframes flying today. The company’s customers include many major original equipment manufacturers (OEMs) and tier 1 and tier 2 supply chain partners such as: Gulfstream, Boeing, Bell Helicopter, Bombardier, Lockheed Martin, Spirit and Triumph.
Charles Paris, Sr., founder of Weatherford, will be retained as a consultant to the company. Charles “Chip” Paris, Jr., the current President and General Manager of Weatherford, will continue in his present capacity under Novaria’s ownership.
“It has been a wonderful experience building Weatherford over the past four decades,” Charles Paris, Sr. said. “The company has been able to achieve much of its success through the hard work and dedication of the employees. Novaria is the ideal company to ensure the continued success of Weatherford. I feel strongly in our decision to have Novaria support and guide Weatherford during its upcoming stages of growth, as they will be able to take Weatherford to the next level.”
Weatherford will continue operations in a total of 165,000 sq. ft. at its two manufacturing locations, both of which are located in Weatherford, just miles west of Fort Worth, Texas. The company has 165 employees and was founded in 1973 under the vision and entrepreneurial spirit of Charles Paris, Sr.
Novaria Group partners with Rosewood Private Investments and Tailwind Advisors for continued acquisitions
Novaria is currently pursuing additional growth opportunities, capitalizing on the expanding aerospace market by acquiring majority interests in small- to mid-market companies looking for a long-term oriented, well-aligned, financial and operational partner.
“The acquisition of Weatherford is a great step that Novaria has taken in pursuing a second aerospace manufacturing platform,” said Earl Larkin, Co-CEO and Executive Vice Chairman of Novaria. “We are delighted with the performance of our current hardware business, Fitz Aerospace, and the opportunities Fitz is realizing in the marketplace.”
“We have taken a long-term approach to investing, and our partnership with Rosewood Private Investments and Tailwind Advisors has provided the fuel for takeoff,” Larkin added.
Novaria Group is the aerospace investment platform for Rosewood Private Investments and Tailwind Advisors.
About Novaria Group
Novaria Group is the aerospace investment platform of Rosewood Private Investments and Tailwind Advisors. Operated by CEOs Bryan Perkins and Earl Larkin, the company’s goal is to operate a cohesive family of precision component companies that consistently delivers optimum performance and sustainable growth within the aerospace and defense marketplace. With deep industry knowledge, demonstrated integrity, and an abiding regard for human capital, Novaria provides its partner companies with unmatched access to unique innovations and best practices. For more information about Novaria Group, please visit www.novariagroup.com.
About Rosewood Private Investments
Rosewood Private Investments is the private equity arm of The Rosewood Corporation, a family-backed yet institutional firm with diverse worldwide operations and investments. Rosewood is wholly owned by the Caroline Hunt Trust Estate, which was established in 1935 by H.L. Hunt and built upon over generations by developing and acquiring businesses that are leaders in their respective industries. As an evergreen entity, Rosewood is continually seeking to invest capital in companies that share our commitment to entrepreneurism, integrity, and sound business principles. For more information about Rosewood Private Investments, visit www.rosewoodpi.com.
About Tailwind Advisors
Tailwind Advisors is an independent wealth management firm serving ultra-high net worth families. The company offers its clients unique and diversified opportunities across a broad landscape of investments. For more information about Tailwind Advisors, visit www.tailwindadvisors.com.