ALEXANDER HUTTON ADVISES ON
SALE
OF UNITECH COMPOSITES
12/21/07
SEATTLE - Alexander Hutton advised on the sale of privately held, Idaho-based Unitech Composites, Inc. Founded by David Van Der Griend and John Thomas in 1979, the company is a leading manufacturer of advanced composite aircraft components and structures. Van Der Griend will continue to serve as the President of Unitech.
Acorn Growth Equities acquired Unitech in December 2007. “Unitech is an industry leader in their niche and has developed an outstanding reputation for quality and on-time delivery,” said Rick Nagel, Partner in Acorn Growth Companies. “We are excited about Unitech’s future and look forward to strengthening its position as a value-added aerospace component manufacturer.”
“David Van Der Griend remains passionate about serving Unitech’s customers, nurturing its employees and overseeing its growth across its core programs and recent surge in Boeing 787 parts production. We are elated that he will continue to lead the company,” said Nagel.
Unitech Composites employs approximately 1,100 employees, with expansion in workforce, capital equipment, and facilities planned for over the next several years.
Oklahoma City based Mesa Capital Partners and Peninsula Capital Partners, LLC of Detroit, Michigan joined Acorn as equity investors in the transaction. Peninsula Capital also provided mezzanine debt financing for the acquisition and Spirit Bank, of Oklahoma, provided the senior debt facility.
Unitech supports numerous key commercial and governmental aircraft programs. Its customers include, Boeing Commercial Airplane Group, Boeing Military Programs, Spirit Aerosystems, NASA, Honeywell and ATK among others.
For additional information, contact Scott Hardman, a Managing Director at Alexander Hutton at 206.792.1964 or shardman@alexanderhutton.com