Weekly M&A Digest
A curated selection of transactions and deals from the past week.
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Deal Summary
Moog to acquire TEAM Accessories
Moog (NYSE: MOG.A), a manufacturer of precision control components and systems, announced the acquisition of TEAM Accessories Limited, an aerospace and industrial engineering business specializing in Maintenance, Repair, and Overhaul (MRO) with testing and repair services for airframe components and safety equipment.
“We’re excited to bring TEAM’s products and people into Moog’s Aircraft Controls segment…TEAM expands our product and capabilities portfolio for the aircraft engine accessories market. Their reputation for high quality and reliable service fit well with Moog’s core principles.” - Mark Brooks, Moog Commercial Aftermarket Group VP and GM
AE Industrial Partners to acquire Firefly Aerospace
AE Industrial Partners, a private equity firm specialized in aerospace, power generation, and specialty industrial markets, announced the acquisition of Firefly Aerospace, Inc., developer of small and medium-sized launch vehicles for commercial launches to orbit. With the acquisition of Noosphere’s stake in Firefly, AEI will further expand its robust space investment portfolio, which includes investments in Redwire Space and Sierra Space.
Atlas Copco to acquire Pumpenfabrik Wangen GmbH
Atlas Copco AB (OM: ATCO A), a manufacturer of industrial tools and equipment, announced the acquisition of Pumpenfabrik Wangen GmbH, a german industrial pump manufacturer.
“Industrial pumps is a segment that we have identified as a strategic fit for Atlas Copco, and Wangen Pumpen has leading differentiated technology with a strong aftermarket business…Wangen Pumpen is a strong brand and is known for quality in demanding industrial applications. This acquisition will create a solid foundation for further growth in new industrial pump segments. Industrial pumps play a crucial role in creating sustainable solutions for many industries and contributing to a better tomorrow.” - Andrew Walker, Atlas Copco Power Technique Business Area President
Spectrum Brands acquires Tristar Products’ Kitchen Appliances and Cookware Business.
Spectrum Brands Holdings, Inc. (NYSE: SPB), a globally branded consumer products and home essentials company focused on driving innovation and providing exceptional customer service, announced the acquisition of the kitchen appliances and cookware categories of Tristar Products, Inc. (“Tristar”).
“We welcome the Tristar business and employees to our Home and Personal Care (HPC) business and are tremendously excited about this partnership and the bright future of these two complementary assets… I am even more excited about this strategic combination after joining our HPC global leadership and new product development, engineering, and marketing teams in hosting the Tristar team last week at our Middleton, WI facilities. The energy, creativity, and ideas that we have already generated reaffirm my confidence that we will create a leading global home appliances and personal care company, separate from Spectrum Brands, with a powerful and innovative portfolio of leading brands, delivering higher margins and faster sustainable long-term growth.” - David Maura, Spectrum Brands Chairman and CEO
Chorus Aviation to acquire Falko
Chorus Aviation Inc. (TSX: CHR), a Canadian holding company that owns regional airlines, announced the acquisition of Falko Regional Aircraft Limited (“Falko”), a leading regional aircraft lessor, together with affiliates of Falko, and the equity interests in certain entities and aircrafts, for $855 million.
"The acquisition of Falko is transformative for Chorus, creating a world premiere full-service provider in regional aviation…We are extremely pleased to have Brookfield, a well-respected company with global reach, as our strategic cornerstone investor, bringing extensive experience in asset management, fundraising and capital markets. The equity investment is an important endorsement of our strategy and simultaneously reduces leverage9. Brookfield’s significant financial strength and transaction expertise provides Chorus with increased stability and support to execute on our strategy to the benefit of all stakeholders. The size and scale of the newly combined entity broadens and enhances market opportunities. Growth through this established asset management platform meaningfully changes Chorus’ risk profile in terms of debt levels, residual value asset risk, and enhanced earnings stability and diversity. This transaction will be accretive10 to earnings and earnings per share in the first year." - Joe Randell, Chorus President and CEO
SOURCES
Moog Press Release:
https://www.businesswire.com/news/home/20220223006113/en/Moog-Inc.-Announces-Acquisition-of-Dublin%E2%80%99s-Team-Accessories-Limited
AE Industrial Partners Press Release:
https://www.aeroequity.com/news/ae-industrial-partners-reaches-a-definitive-agreement-to-acquire-a-significant-stake-in-firefly-aerospace-a-leading-provider-of-launch-and-in-space-vehicles/
Atlas Copco Press Release:
https://www.atlascopcogroup.com/en/media/corporate-press-releases/2022/20220221-wangen-pumpen
Spectrum Brands Press Release:
https://investor.spectrumbrands.com/news-releases/news-release-details/spectrum-brands-completes-acquisition-tristar-products-kitchen
Chorus Press Release:
https://chorusaviation.com/chorus-to-acquire-falko-to-create-a-premier-full-service-provider-in-regional-aviation/