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Carter Morse & Mathias ("CMM") is pleased to announce that Pegasus Manufacturing, Inc. ("Pegasus"), headquartered in Middletown, CT, was acquired by Leggett & Platt Incorporated ("L&P"), headquartered in Carthage, Missouri. Carter Morse & Mathias served as Leggett & Platt's exclusive financial advisor for the transaction. Terms of the transaction were not disclosed.
Pegasus, founded in 1989, is a second generation family-owned aerospace manufacturing company considered a world leader in fabricated tubes and pipe assemblies, precision manufacturing and gears. Pegasus parts are found on a variety of commercial and military aircraft engines as well as land based turbines.
For over 130 years Leggett & Platt (NYSE: LEG) has been enhancing people's lives as a diversified manufacturer that designs and produces engineered products found in most homes, offices and automobiles. The company is comprised of 17 business units, 20,000 employee-partners, and 130 manufacturing facilities located in 19 countries. This transaction was led by Leggett & Platt's Aerospace Products Group and complements its four other aerospace businesses: Western Pneumatic Tube Co (Washington), Valley Metals (California), David Hart Aerospace Pipes (UK) and Specitubes (France).
Commenting on the acquisition, Charles Kallil, L&P Vice President, said, "With acquisitions being a critical component of our strategic growth plan in our Aerospace business, Pegasus represents an excellent addition to the Group. They bring a specialized expertise, experienced work force and excellent management team. We will be able to help accelerate the growth of Pegasus by providing capital, management expertise and worldwide contacts. Pegasus will operate as a separate business under the guidance and direction of its very strong management team, and will strengthen the Leggett & Platt Aerospace Group's product and market presence. They will report to our Aerospace Group President, Simon Prior.
Chris DiPentima, President of Pegasus, added, "We are very excited about joining the Leggett & Platt team. Both firms share a culture of product expertise, innovation and customer satisfaction. Our joining the L&P team provides Pegasus with substantial resources to serve our global customers. This acquisition has generated a very favorable reaction from our customers, who have congratulated us for aligning with such a high quality group of people. We are energized and excited to partner with such a well-regarded company."
Michael Carter, Managing Director at Carter Morse & Mathias, stated "We are excited to have represented Leggett & Platt in this transaction and facilitate this strategic combination. This transaction is another example of CMM's expertise and knowledge of the A&D space, which remains a robust industry for M&A."
For more information, please contact Michael Carter at Carter Morse & Mathias.
About Carter Morse & Mathias:
Founded in 1987, Carter Morse & Mathias is a boutique investment bank specializing in advising privately held middle market companies. CMM provides a full range of investment banking services: business sales and divestitures, equity and debt capital raises, acquisition services, and pre-transaction and strategic advisory services. Time and time again, our strategic guidance and seamless transaction execution has proven crucial for clients, many of whom we represent in their once-in-a-lifetime transaction. For nearly 30 years, CMM's combination of hands-on Managing Director involvement and extensive network of domestic and international resources has enabled us to help hundreds of business owners plan, execute, and close transactions that maximize shareholder value.
CMM's Broker/Dealer affiliate, Carter Capital Corporation, is a FINRA member firm registered with the SEC and SIPC. CMM is also a charter member of AICA, an international network of M&A professionals in over 20 countries across the Americas, Europe, Asia, Latin America and the Middle East.
