GREENWICH, Conn., 10 Dec. 2012. Littlejohn & Co., a private investment firm based in Greenwich, Conn., signed a definitive agreement to sell Synchronous Aerospace Group to Precision Castparts Corp. (NYSE:PCP).
Synchronous in Santa Ana, Calif., is a supplier of complex assemblies and precision components that serve mission-critical functions on aircraft in the commercial aerospace and defense markets. The company produces complex mechanical assemblies, such as high-lift mechanisms and secondary flight controls, as well as structural assemblies, including wing ribs, bulkheads, and track and beam assemblies. Synchronous products are used on many commercial, military, and space platforms.
"We are confident that Synchronous will continue to develop as a valuable asset within Precision Castparts, and as a result, better capitalize on the enormous market opportunities that exist," says Edmund J. Feeley, managing director of Littlejohn.
Lazard acted as the exclusive financial advisor to Synchronous. Morrison Cohen LLP acted as legal counsel to Synchronous. The transaction is expected to close by the end of the year.