Klune Industries, Inc. (Klune) announced today the acquisition of GCM North American Aerospace (GCM or the Company) from an affiliate of Churchill Equity Partners.GCM, headquartered in Kent, Washington, is a leading provider of precision-machined components, integrated kits and assemblies to the commercial aerospace and defense markets. The Company has well established positions on key growth platforms including the Boeing 737, 777, 787 and 747-8. GCMs components and assemblies can be found on critical areas throughout the aircraft, including the wings, airframe, fuselage and control mechanisms as well as in the aircrafts interior.
Churchill is pleased with its investment and long-term partnership with the management team of GCM, said Mitch Kern, a Partner at Churchill Equity Partners. Management has done a tremendous job of building a leading supplier to the aerospace industry. We believe the combination with Klune and Vance Street will only strengthen the Companys leading position in the market.
Allen Ronk, CEO of Klune, commented, The acquisition of GCM will further enhance Klunes relationships with industry leading OEMs on high growth platforms, specifically in the commercial aerospace sector. We are excited to work with Ken McNew (GCM CEO) and his management team as we build Klune into an industry leading supplier to the commercial and defense markets.
Klunes majority shareholder, Vance Street Capital LLC, provided equity financing for the acquisition and FS Investment Corporation provided the debt financing. Richard Crowell, Vance Street Capital Founding Partner, stated, Vance is pleased to support Allen Ronk and the Klune team in this strategic acquisition. GCM has achieved excellence under the leadership of Ken McNew, and the combination will provide benefits to both companies.
Klune was represented by law firm Paul Hastings. GCM was represented by financial advisory firm Lazard and law firm Lindquist & Vennum.
About Klune Industries (http://www.klune.com)
Klune Industries, Inc. is a leading aerospace contractor, manufacturing complex parts, assemblies and components for commercial aircraft, military aircraft and missile systems. The Company specializes in manufacturing doors, nacelles, wings and other aerostructures for the commercial market; and missile systems components, fuel tanks, bomb racks, rotors, ground support and airframes for the military market. Founded in 1972, Klune enjoys long relationships and a strong reputation with its key customers including Lockheed, Boeing, Raytheon, Alenia, Bombardier, and Goodrich.
Klune is headquartered in North Hollywood, California.
About Vance Street Capital (http://www.vancestreetcapital.com)
Vance Street Capital is a Los Angeles based private equity firm with $ 320 million of committed capital. Vance makes control investments in middle market companies with enterprise values up to $ 200 million. Preferred industries include aerospace & defense, healthcare and life sciences, precision manufacturing, medical components and devices, general industrial and business services. For over two decades, Vance partners have specialized in middle market investing and are committed to supporting our management teams with resources to accelerate revenue growth, improve operations and acquire strategic assets. Vance Street has extensive experience partnering with management, family owners and other co-investors to build leading middle market companies.
About Churchill Equity Partners (http://www.churchillequity.com)
Churchill Equity Partners provides equity investment capital for a wide variety of middle market businesses, and has successfully invested over $ 558 million in a diverse portfolio of over 30 companies throughout the U.S. and Canada. Equity capital is primarily provided for ownership transitions including recapitalizations, acquisitions, and buyouts.
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