Platte River Equity has sold PRV Metals to Tinicum. No financial terms were disclosed. Lincoln International was financial adviser to PRV Metals on the transaction. PRV Metals is a provider of specialty forged titanium and steel products to the aerospace, defense, medical, energy and industrial sectors.
DENVER, Aug. 28, 2019 /PRNewswire/ — Platte River Equity (“Platte River”) is pleased to announce the sale of its portfolio company, PRV Metals, LLC (“PRV Metals” or the “Company’), to Tinicum L.P. (“Tinicum”). PRV Metals, through its two operating subsidiaries Sierra Alloys and TSI Titanium, is a leading provider of specialty forged titanium and high-performance steel products to the aerospace, defense, medical, energy and industrial sectors.
“Working closely with PRV Metals and its talented management team to build the Company into a leading provider of titanium, stainless steel and other specialty metals demonstrates the value of our partnership approach to investing,” said Platte River Managing Director Greg Sissel. “The capital and operating investments that we have made over the past more than seven years have driven PRV Metals’ transformational growth and helped build the Company into an industry leader. We wish the management team success as the Company enters its next phase of growth.”
CEO of PRV Metals Craig Culaciati said, “Platte River has been an excellent partner for PRV Metals, having supported our business from day one and having invested in initiatives to drive the Company’s long-term growth. We thank the Platte River team for its support and partnership over the years. We now look forward to the next chapter of growth with Tinicum.”
Lincoln International served as the exclusive financial advisor to PRV Metals. Bartlit Beck LLP served as legal counsel to Platte River.
About Platte River Equity
Based in Denver, Colorado, Platte River Equity is a private equity firm focused on equity investments in lower middle market operating companies with enterprise values generally between $40 million and $250 million. The firm invests in sectors where it has deep operating and investing experience, including aerospace & transportation; energy products & services; industrial products & services; and agriculture & chemicals. Platte River has raised funds with committed capital in excess of $1.3 billion.
About PRV Metals, LLC
Through its two operating subsidiaries, Sierra Alloys in Irwindale, California and TSI Titanium in Derry, Pennsylvania, PRV Metals manufactures and supplies forged and rolled titanium, stainless steel products and other specialty alloys for the commercial aerospace, defense, medical, energy and industrial sectors. The Company specializes in flat and round bar and plate products, as well as hot rolling, forging, conditioning, heat treating and machining.