03 Aug NOVARIA ACQUIRES FERCO TECH, L&E ENGINEERING AND GGF MANUFACTURING
New entities increase Novaria’s aerospace engine content; Novaria Component Solutions platform established.
FORT WORTH, Texas – March 23, 2016
Fort Worth-based Novaria Group announces today the acquisition of substantially all the assets of Ferco Tech, L&E Engineering, and GGF Manufacturing. The three complimentary business units, collectively operating as Ferco Aerospace, supply the world’s largest aircraft engine manufacturers with high-strength and temperature-resistant brackets, tube assemblies, and other exotic metal fabrications.
“For decades, these businesses have provided aerospace engine customers with consistently safe and reliable products. We look forward to their continued support of current and next-generation aircraft for years to come,” said Bryan Perkins, co-CEO and president of Novaria Group. “Ferco Aerospace embodies Novaria’s consistent strategy of acquiring complimentary businesses units with unique sets of capabilities that enhance existing operations. This, along with Novaria’s experienced management team, provides customers and access to more product and service solutions.”
These acquisitions are highly complementary to Novaria’s current businesses. Earl Larkin, Novaria executive vice chairman and co-CEO stated, “Ferco Tech, L&E and GGF enable us to establish a third platform that focuses on higher-level assemblies and products requiring welding and unique fabrication. Novaria Component Solutions (NCS) will serve as a key platform that furthers business unit interaction and market diversification. Novaria Group Vice President of Operations, Mike Wagner, will serve as the interim president of NCS.”
A privately held business, Ferco Aerospace and its three operating units have operations dating back to 1953. The businesses bring additional combined manufacturing space of more than 120,000 square feet with 225 highly skilled employees. Ferco Tech, L&E Engineering, and GGF Manufacturing will continue manufacturing operations in Dayton, Ohio; Indianapolis, Indiana; and Jamestown, Kentucky, respectively. Brady Ware Capital, LLC served as the exclusive financial advisor to Ferco in connection with the sale transaction.
Greg Sandberg, long-term employee and general manager of Ferco Aerospace, commented, “We have built a strong management team, and we are confident that with Novaria’s leadership and commitment to excellence in aerospace manufacturing, we will take the legacy of a well-established family-owned business to new levels of sophistication and expertise for generations to come.”
Mike Wagner commented on the plan for operations, saying, “We look forward to building upon the decades of experience and helping the business capitalize on the numerous growth opportunities. Much of this will be done by enabling the introduction and sharing of operational best practices. We are confident that the Ferco Group’s culture of innovation and proven ability to scale will strengthen Novaria’s position as a strategic growth partner to all major aero-engine manufacturers.”
About Novaria Group
Novaria Group is a privately held corporation, focused on the premier supply of products to the aerospace and defense industries. Led by founders and CEOs Bryan Perkins and Earl Larkin, the company operates a cohesive family of precision component companies that consistently delivers optimum performance and sustainable growth within the aerospace and defense marketplace. Current operating platforms include Novaria Fastening Systems (NFS), Novaria Surfaces & Structures, and Novaria Component Solutions. Business units include Fitz Aerospace (www.fitzaero.com), Weatherford Aerospace (www.weatherfordaerospace.com), John Hassall (www.hassall.com); V&M Aerospace (www.vandmaerospace.com), Ferco Tech, L&E Engineering, GGF Manufacturing (www.fercoaerospacegroup.com) and Sky Manufacturing (www.skyaeroproducts.com).
For more information about Novaria Group, visit www.novariagroup.com.
Contact: Jim Dissett
Banner Media Group for Novaria Group