Texas private equity house Trive Capital has picked up the assets of bankrupt aerospace supplier Wellman Dynamics Corp.
The business manufactures large scale, complex magnesium and aluminum castings for the defense and commercial aerospace markets and other industrial segments.
Jim Mahoney, CEO of the new company WDC, said, “This is a really big win for all of the company’s stakeholders.
“Our customers include many of the world’s leading producers of military and commercial helicopters, jet engines, rockets and missile systems.
“They rely upon us to supply some of the largest and most complex sand castings in the world.
“After years of neglect, the business is finally positioned to re-establish itself as a world class aerospace foundry as new capital investment is made.
“This investment will not only serve to revitalize a sole source supplier for many critical helicopter programs in the US military arsenal, it forecasts to preserve millions in annual payroll in rural Iowa.”
Trive partner Blake Bonner added, “We couldn’t be more pleased to bring this long bankruptcy process to a close for WDC and its employees.
“As new owners, we plan to make WDC a benchmark for the industry, its customers, and most importantly, the Creston community.
“We have significant investment planned to modernize the local operation, giving it the capabilities needed to return to sustainable profitability over the long-run.
“We’re hopeful we can bring stability to a community that has experienced the loss of other manufacturing jobs in recent years.”
Last year Trive reached the $1bn hard cap for its third flagship fund after just three months on the fundraising trail.
Trive Capital Fund III was substantially oversubscribed from its $750m target, and eclipsed the $525m the firm gathered for its predecessor vehicle.
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