Reliable Manufacturing Company acquired by Whitcraft LLC
SOUTHPORT, Connecticut, December 1, 2008 -- Carter Morse & Mathias announced that Whitcraft LLC has acquired Reliable Manufacturing Company, a 50 year old privately held manufacturer of precision machined engine components. Carter Morse & Mathias was Reliable’s exclusive financial advisor on this transaction.
Reliable Manufacturing Company is manufacturer of complex and semi-complex aircraft components and assemblies for the commercial, business and military markets. Reliable designs, engineers, and manufactures high quality parts made from titanium, aluminum, and several varieties of nickel-based alloys. Reliable’s expertise is in making components for the “hot” section of jet engines.
Terms of the transaction were not disclosed. Investors in this transaction included Golub Capital and Ironwood Capital who provided $25 million of mezzanine funding. Senior lenders included Bank of America and Citizens Bank.
Jeffrey Paul, Whitcraft’s President said, “This acquisition is a perfect fit for our long term strategy and is extremely exciting for us. Reliable has a very strong reputation for quality workmanship. The company has an extremely skilled and knowledgeable workforce. They will be a terrific asset to our worldwide customers.”
“The acquisition of Reliable allows us to further diversify our customer base, gain access to additional aircraft platforms and provide a broader array of capabilities. Bringing Reliable into the Whitcraft family helps us continue to expand our core competency in precision machining of metal alloys. It moves ahead our strategy of providing customers with an increasing scope of services,” said Colin Cooper, Whitcraft’s chief executive officer.
This is Whitcraft’s third acquisition in five years. In 2004, Whitcraft acquired Connecticut Tool and Manufacturing, Plainville, Conn. In 2006, Whitcraft acquired the A. O. Sherman Company, and subsequently expanded that firm in Shelton, Connecticut. Whitcraft now employees 425 people.
Gordon Gregoretti, Reliable’s Founder and Chairman, said, “I am very happy that we have sold to such a high quality company as Whitcraft. It feels very gratifying to know our employees are in such good hands with a company that wants to continue to support Reliable’s growth.”
Mark Gregoretti, Reliable’s Chief Operating Officer added, “I am looking forward to seeing the positive changes that Whitcraft brings to Reliable. We have an extraordinary work force that is responsible for the excellent reputation we enjoy today. It is a testament to the strategic fit between these two companies that a transaction could have closed during these difficult financial times.”