CLEVELAND, July 13, 2018 /PRNewswire/ -- TransDigm
Group Incorporated (NYSE: TDG) announced today that it has
completed the acquisition of Skandia Inc. ("Skandia") from
Graycliff Partners LP for a total purchase price of approximately
$84 million, including the assumption
of debt.
Skandia, headquartered in Davis
Junction, Illinois, is a leading provider of highly
engineered seating foam, foam fabrication, flammability testing and
acoustic solutions for the business jet market. Annual
revenues are approximately $26
million, and the company currently employs 70 people.
Nearly 85% of revenues are derived from the business jet
market with the remainder from commercial aerospace
applications. The company's products are primarily
proprietary and sole source with over 50% of revenues derived from
aftermarket content. Skandia is on all major business jet
platforms, including those of Bombardier, Cessna, Dassault, Embraer
and Gulfstream.
W. Nicholas Howley, Executive
Chairman of TransDigm Group Incorporated, stated, "Skandia is a
long standing supplier of proprietary, sole source products with
established positions on nearly all business jet platforms, strong
aftermarket content and an outstanding reputation with its
customers. Skandia fits well with our consistent product and
acquisition strategy. As with all TransDigm acquisitions, we
expect the Skandia acquisition to create equity value in-line with
our long-term private equity type return objectives."
Houlihan Lokey served as
exclusive financial advisor to Skandia.
About TransDigm
TransDigm Group Incorporated, through its wholly-owned
subsidiaries, is a leading global designer, producer and supplier
of highly engineered aircraft components for use on nearly all
commercial and military aircraft in service today. Major product
offerings, substantially all of which are ultimately provided to
end-users in the aerospace industry, include
mechanical/electro-mechanical actuators and controls, ignition
systems and engine technology, specialized pumps and valves, power
conditioning devices, specialized AC/DC electric motors and
generators, NiCad batteries and chargers, engineered latching and
locking devices, rods and locking devices, engineered connectors
and elastomers, cockpit security components and systems,
specialized cockpit displays, aircraft audio systems, specialized
lavatory components, seatbelts and safety restraints, engineered
interior surfaces and related components, lighting and control
technology, military personnel parachutes, high performance hoists,
winches and lifting devices, and cargo loading, handling and
delivery systems.
Forward-Looking Statements
Statements in this press release that are not historical facts
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995.Words such as "believe,"
"may," "will," "should," "expect," "intend," "plan," "predict,"
"anticipate," "estimate," or "continue" and other words and terms
of similar meaning may identify forward-looking statements.
All forward-looking statements involve risks and uncertainties
which could affect TransDigm's actual results and could cause its
actual results to differ materially from those expressed or implied
in any forward-looking statements made by, or on behalf of,
TransDigm. These risks and uncertainties include but are not
limited to failure to complete or successfully integrate the
acquisition; that the acquired business does not perform in
accordance with our expectations; and other factors. Further
information regarding important factors that could cause actual
results to differ materially from projected results can be found in
TransDigm's Annual Report on Form 10-K and other reports that
TransDigm or its subsidiaries have filed with the Securities and
Exchange Commission. Except as required by law, TransDigm
undertakes no obligation to revise or update the forward-looking
statements contained in this press release.
Contact:
|
Liza Sabol
|
|
Director of Investor
Relations
|
|
(216)
706-2945
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|
ir@transdigm.com
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SOURCE TransDigm Group Incorporated