Investment Case Study: PRV Aerospace

Company Information

Everett, Washington

  • Supplier of components and subassemblies to the leading manufacturers of aircraft, aerostructures, aeroequipment and defense platforms.
  • Manufacturing facilities located in Everett, WA; Tacoma, WA; Orange, CA; Torrance, CA; Phoenix, AZ; Westfield, MA; and Nogales, Mexico.
  • Investment timeline
    • Six acquisitions between 2006 and 2011
    • Sold in May 2012 to Court Square Capital Partners

Investment Thesis

  • Industry:  Global economic growth is driving record order backlogs for new aircraft.
  • Opportunity:  Consolidate highly fragmented supply chain of aerospace parts manufacturers.
  • Strategy:  Create a supplier with a broad range of complementary capabilities in order to secure larger work statements from key customers and to become more valuable within the aerospace supply chain.

Platte River Value Add

  • Utilized Platte River’s operating experience to assist management team in improving operations and sharing best practices across facilities.
  • Leveraged industry contacts to identify and secure work on key aircraft platforms.
  • Executed buy-and-build strategy to broaden customer and platform base and to take advantage of complementary capabilities.
  • Under Platte River’s ownership PRV Aerospace grew profitability, organically and through acquisition, from the mid-single digits to nearly $50 million.
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