Press Release
Gridiron Capital Announces the Acquisition of Nex-Tech Aerospace
New Canaan, CT, January 2012 — Today HM Dunn Company, Inc. (“HM Dunn”), a portfolio company of Gridiron Capital, LLC (“Gridiron”), announced the acquisition of the machining division of Nex-Tech Aerospace (“Nex-Tech”). Nex-Tech will operate as a division of HM Dunn. Nex-Tech’s CEO, Thomas Gibbons, will be the CEO of the combined entity, and partner with HM Dunn’s President, Scott Pierce, to lead the combined Company.
Nex-Tech Aerospace is an ISO 9001:2000 and AS9100C registered manufacturer of precision machined structural components and complex assemblies for the aerospace industry. Headquartered in Wichita, Kansas, with additional facilities in St. Louis, Missouri and Mexicali, Mexico, the Company currently operates 160,000 sq. ft. of aggregate facility capacity. The Company serves a diverse set of commercial, business jet and military aerospace customers including Boeing, Gulfstream and Lockheed Martin. The Nex-Tech Processing business is not a part of this transaction and will continue to operate with its existing owner.
The acquisition will allow both companies to better serve a diversified customer base through additional resources, increased high-speed machining capacity and an enhanced product & service offering. In addition, the combined company will serve an international base of customers on high-growth commercial, business jet and military platforms. Gridiron Capital provides a stable and committed source of capital and resources dedicated to growing the business.
Mr. Gibbons, CEO of HM Dunn, stated, “The combined business creates one of the premier aerospace suppliers in the industry. We both have customer focused teams that drive to exceed customer expectations and build value every day. The acquisition represents a unique opportunity to capitalize on this and immediately expand our shared presence in the high-growth commercial and business jet aircraft market adding to an already leading presence in the military market.”
Mr. Pierce, President of HM Dunn, stated, “HM Dunn is excited to partner with the Nex-Tech team and provide our customers with world-class capabilities and the capacity to support their backlog and growing build rates. We were attracted by Nex-Tech’s operational sophistication as well as a shared emphasis on quality and customer service. Our customers will benefit from our enhanced expertise in complex, flight-critical components and assemblies.”
About H.M. Dunn:
Founded in 1975 and headquartered near Dallas, Texas, H.M. Dunn Company is an ISO 9001:2008 and AS9100 Rev. B certified manufacturer of high-precision, complex machined components, assemblies and kits used by original equipment manufacturers (“OEM”s) and Tier 1 suppliers to OEMs in the defense, commercial and civil sectors of the aerospace and defense industry. With its highly-advanced machining equipment and unmatched design and machining expertise, HMD is uniquely positioned to provide value-added complex parts across a wide range of difficult-to-machine metals, including titanium, aluminum and stainless steel.
About Gridiron Capital, LLC:
Gridiron Capital, LLC, headquartered in New Canaan, Connecticut, is a private equity firm focused on creating value by acquiring and building middle-market manufacturing, service and specialty consumer companies in the United States and Canada. The firm’s principals have historically achieved superior investment returns by employing a combination of strategic, operating and financial experience to provide portfolio companies with competitive advantages. Gridiron’s principals work closely with management teams to develop strategies for portfolio companies, as well as providing resources to execute business plans and build industry-leading companies. Additional information is available on the firm’s website at www.gridironcapital.com.