Kidd & Company, LLC Joins Forces With Centerfield Capital Partners To Acquire
Management Team Strengthened Concurrent With Transaction
OLD GREENWICH, Conn., Jan. 24, 2013
OLD GREENWICH, Conn., Jan. 24, 2013 /PRNewswire/ --Kidd & Company, LLC
("KCO"), a private investment firm focused on the middle market, in
collaboration with Centerfield Capital Partners, announced it has acquired
Imaginetics, Inc. ("Imaginetics" or the "Company"), a manufacturer of
precision metal components and assemblies for the aerospace industry.
Located in Auburn, Washington, Imaginetics has developed a strong track record
of growth and an outstanding reputation with its customers, based upon its
leading technical capabilities, high quality standards, on-time performance
and customer service. Imaginetics has begun to benefit from substantial
growing demand in the airframe and aerostructures supply chain, as original
equipment manufacturers struggle to secure capacity to allow them to meet
aircraft delivery forecasts. The Company's current customer base includes
Boeing Commercial Airplanes, Boeing Defense Services, Hexcel Corporation,
Spirit Aerosystems, and Zodiac Aerospace, among others.
"We are impressed by the breadth of the Company's capabilities, spanning metal
fabrication, CNC machining and part-to-part and final assembly, to offer
customers a single-vendor solution for a variety of complex manufacturing
needs," said Donald M. Hardie, a Partner at KCO. "We are excited to partner
with the management team to build on the terrific foundation they have created
and, together, plan to continue to grow Imaginetics by serving the increasing
demands of its customer base."
In connection with the transaction, Imaginetics has promoted Scott Strong to
President and Pat Prince to Vice President of Operations, while adding Bob
Mozzacavallo as the Company's new Chief Financial Officer and Michael Cook as
the new Vice President of Sales, Marketing and Contracts. Mr. Strong, a 20+
year industry veteran, joined Imaginetics in early 2011 as the Company's Vice
President of Operations. Mr. Strong said, "We are very excited about our new
partnership with KCO. There are many growth opportunities for Imaginetics and
we are confident in our ability to capitalize on them with the help of our
newly expanded management team and the additional resources that come from the
Mr. Prince initially joined the Company in early 2011 and has 19 years of
aerospace manufacturing experience, most recently at Compass Aerospace, a
division of Synchronous Aerospace. Mr. Mazzacavallo joins Imaginetics from
his previous position as CFO of Veridiam, a contract manufacturer of
assemblies and precision components machined from high performance metal
alloys and medical grade plastics. Mr. Cook brings 28 years of aerospace
industry experience to the newly created sales and marketing position.
Tony Castor, a KCO Partner and Board member of Imaginetics, added, "This
investment fits perfectly with KCO's investment strategy of partnering with
management teams to transform businesses in industries undergoing change in
order to build fundamental value. We are very excited about the opportunities
within the aerospace sector and are thrilled to be partnering with Scott and
the expanded management team to take the company to the next level."
Centerfield Capital Partners and related parties provided subordinated debt
and equity to support the transaction led by KCO. BMO Harris Bank N.A.
provided senior debt.
About Kidd & Company
Kidd & Company, LLC is an Old Greenwich, Connecticut-based principal
investment firm. KCO traces its roots to 1976 when William Kidd made his first
private equity investment. Today, KCO is the private investment arm of the
Kidd Family Office engaged in sponsoring private equity transactions in the
lower middle market. The firm's focus is on driving superior returns by
implementing fundamental strategic and operational improvements to drive
above-market growth in revenue and earnings, both organically and through
accretive acquisitions. The diverse skill set of its partners allows KCO to
bring management, operational, sales and marketing, corporate finance and M&A
expertise to bear to substantially increase the total value of its
investments. For more information, visit www.kiddcompany.com.
Chris Tofalli Public Relations, LLC
SOURCE Kidd & Company, LLC
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