Littlejohn & Co. Announces Sale of Synchronous Aerospace Group To Precision Castparts Corp.

 Littlejohn & Co. Announces Sale of Synchronous Aerospace Group To Precision
                               Castparts Corp.

PR Newswire

GREENWICH, Conn., Nov. 26, 2012

GREENWICH, Conn., Nov. 26, 2012 /PRNewswire/ --Littlejohn & Co., LLC, a
private investment firm based in Greenwich, CT, announced today that it has
signed a definitive agreement to sell its portfolio company, Synchronous
Aerospace Group, to Precision Castparts Corp. (NYSE: PCP).

Headquartered in Santa Ana, CA, Synchronous is a leading supplier of complex
assemblies and precision components that serve mission-critical functions on
aircraft in the commercial aerospace and defense markets. The Company
differentiates itself through expertise in producing highly complex mechanical
assemblies, which include high-lift mechanisms and secondary flight controls,
as well as structural assemblies, which include wing ribs, bulkheads, and
track and beam assemblies. Synchronous' core capabilities include gantry
machining, hard-metal machining, high-speed machining, turning, sheet-metal
forming, and metal and composite bonding. These capabilities reside at four
core operational centers of excellence in: Wichita, KS; Santa Ana, CA; Kent,
WA; and Tulsa, OK. Synchronous products are used on many of the world's
most-established commercial, military and space platforms. The Company
employs approximately 700 people across its facilities.

"Under the leadership of Ron Case over our ownership period Synchronous
developed and executed against a set of meaningful strategic and operational
initiatives to both expand the Company's book of business as well as enhance
its profitability, all while creating an enterprise that is an integral part
of its aerospace customers' supply chains," said Edmund J. Feeley, Managing
Director of Littlejohn. Antonio Miranda, a Managing Director of Littlejohn,
added, "We are confident that Synchronous will continue to develop as a
valuable asset within Precision Castparts, and as a result, better capitalize
on the enormous market opportunities that exist. We wish Ron and the team all
the best in the next step of their journey."

Ron Case, President and Chief Executive Officer of Synchronous, said, "It was
a great pleasure to work with the Littlejohn team who gained a deep
understanding of our business and operations, and were deeply engaged in
helping us plan and execute on our targeted operational initiatives. We thank
them for their support. The Synchronous management team is excited as we
enter into our new partnership with Precision Castparts and looks forward to
continuing to grow the business."

Lazard acted as the exclusive financial advisor to Synchronous. Morrison
Cohen LLP acted as legal counsel to Synchronous. The transaction is expected
to close by yearend 2012.

About Littlejohn & Co., LLC
Littlejohn & Co. is a Greenwich, Connecticut-based private equity and
distressed securities firm focused on investing in middle-market companies
that are undergoing a fundamental change in capital structure, strategy,
operations or growth that can benefit from its operational and strategic
approach. The firm is currently investing from Littlejohn Fund IV, L.P.,
which has over $1.3 billion in capital commitments. For more information,
visit www.littlejohnllc.com.

Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334

SOURCE Littlejohn & Co., LLC

Website: http://www.littlejohnllc.com
 
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