Athens Aerospace Company Acquired by Private Equity Firm
According to an announcement released Wednesday, a New York private equity firm has acquired an Athens-based aerospace parts supplier for an undisclosed amount.
The Athens company, McCann Aerospace Machining, was acquired by a New York firm called Liberty Hall Capital Partners. The company reports that the Athens aerospace company will be integrated with another aerospace equipment supplier, Accurus Aerospace.
“The strategic acquisition of McCann Aerospace brings Accurus an attractive combination of complementary capabilities, high growth platforms and geographic diversification as well as long-standing relationships with several key ... customers,” Rowan Taylor, Liberty Hall’s founding partner, said in the news release. “McCann possesses many of the valuable qualities identified in our strategic vision for Accurus and is, therefore, a great addition to the platform.”
McCann Aerospace was founded in 1963 and supplies several of the highest-value commercial aerospace and military platforms, including the Boeing 787, Gulfstream G650 and Lockheed Martin F-35. The top five customers of the provider are Boeing, Gulfstream, Lockheed Martin and Northrop Grumman.
John McCann, owner of McCann Aerospace, said in a news report, “I was seeking to identify a partner that would bring capital, senior leadership and industry experience to McCann Aerospace to allow us to evolve to the next level and help steward the company my parents, Bill and June McCann, founded over fifty years ago. I believe I have found that partner in the combination of Liberty Hall and Accurus.”