Novaria Group, which is backed by Satori Capital, has bought Fitz Manufacturing Industries. Financial terms weren’t announced. Fitz Manufacturing, which supplies precision aerospace components, will be renamed Fitz Aerospace.
Fort Worth-based Novaria Group announces today the acquisition of Fitz Manufacturing Industries, a supplier of precision aerospace components. Novaria will pursue strategic growth and expansion of Fitz’s capabilities while also delivering enduring value to customers, employees, and the aerospace industry. As part of the acquisition, Fitz Manufacturing will be renamed Fitz Aerospace.
“There is significant opportunity for Fitz to accelerate its growth plans by joining forces with Novaria,” said Earl Larkin, managing partner of Novaria Group. “The current Fitz management team, combined with our financial support, deep industry relationships, and strategic expertise, will better serve customers while preserving the culture and reputation for high quality that Fitz has built over the last 16 years.”
Fitz’s manufacturing capabilities are focused on three primary product categories: aerospace bushings, aerospace fasteners, and precision-machined components. These products are incorporated into most subsystems of both commercial and military airframe applications. The company also operates a metal finishing facility, allowing it to vertically integrate processes and more comprehensively serve its customers.
Fitz’s customers include many major tier 1 and tier 2 original equipment manufacturers (OEMs), and major distributors, including B/E Aerospace, Boeing, Bombardier, GE, Goodrich, Spirit, and Wesco.
Greg Fitzgerald, founder of Fitz Manufacturing, will remain an equity partner and CEO of the company.
“To better serve our customers during this critical time in the aerospace market, I needed a true partner who understood the industry, had experience operating successful organizations, and provided value-add well beyond capital support,” Fitzgerald said. “Novaria is this ideal partner. This alliance will allow our company to reach the next level of profitable growth, while also providing stability to our workforce and their families for many years to come.”
Fitz will maintain its current 132,000-sq. ft. location in North Richland Hills, just miles north of Fort Worth, Texas. The company has approximately 150 employees and was founded in 1995 under the vision and entrepreneurial spirit of the Fitzgerald family, including Greg’s parents, Barry and Bonnie Fitzgerald and longtime friend Steve Huey.
Novaria Group plans portfolio growth through acquisition
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.
“Our goal is to create a group of precision-component companies that work synergistically to deliver superior solutions to customers, while enhancing operational efficiencies and delivering value,” said Bryan Perkins, managing partner of Novaria. “We have a long-term view of investing, with a key focus on sustainability and stakeholder balance.”
Novaria Group is the aerospace investment platform for Satori Capital, a middle-market growth capital and buyout firm based in Dallas, Texas. Satori began its relationship with Novaria managing partners Earl Larkin and Bryan Perkins in spring 2011. They collaborated in forming Novaria after recognizing a shared vision for aerospace investing, and an acute alignment in their respective philosophies for operating businesses in a sustainable manner. With nearly 50 years of combined aerospace industry experience, Larkin and Perkins previously worked side-by-side in business development and strategy at Parker Hannifin Corporation.
About Novaria Group
Novaria Group is the aerospace investment platform of Satori Capital. Operated by managing partners 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 Satori Capital
Satori Capital is a middle-market growth capital and buyout firm based in Dallas, Texas. Satori partners with management teams that are building significant long-term value through a sustainable approach. These businesses deliver strong returns by operating with a long-term perspective, committing to their mission or purpose, and focusing on creating value for all stakeholders, including investors, customers, suppliers, employees, and the community. The investment team has a long and successful track record as private equity investors and as founders and chief executive officers of sustainably run businesses. For additional information regarding Satori’s investment criteria and philosophy, please visit www.satoricapital.com.