US-based aircraft assembly line solutions provider Ascent Aerospace has acquired Gemcor, an automated fastening system provider for aircraft manufacturers.
Rand Capital Corporation (Rand), a private equity firm which owned a 31.25% stake in Gemcor agreed to sell its stake in Gemcor.
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Financial details of the deal have not been disclosed. Following the fulfilment of customary approvals and closing conditions, the deal is expected to be completed in the first quarter of this year.
With the acquisition, Ascent Aerospace expects to boost its position in the factory and assembly line integration market.
Gemcor’s products are used in the sub-assembly of aircraft wings, fuselages and nacelles. The company has manufactured more than 2,200 automated fastening systems during its lifespan of 78 years.
Gemcor president Bill Mangus said: "Being part of the Ascent Aerospace family will give Gemcor access to additional technical and engineering resources, as well as accelerated internal investment, enabling us to further expand our product offering while continuing to provide our customers with the excellent service they have come to expect.
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By GlobalData"The combination of the complementary capabilities and technologies of Gemcor and Ascent will also broaden Ascent’s ability to offer new solutions across our combined customer base."
In 2004, Rand made its first investment in Gemcor and expects to receive gross cash proceeds of $14m after the deal is completed.
In September, Gemcor represented 27% of Rand’s total portfolio, which has a value of $9.8m.
Ascent Aerospace CEO Brian Williams said: "We wholeheartedly welcome the Gemcor team to Ascent Aerospace’s family of 1,200 employees and look forward to supporting them with additional engineering resources and growth opportunities through our integration business.
"While we will be growing Gemcor at their New York facility, we will also be using their worldwide base of machine installations to expand Ascent’s global footprint and strengthen our customer service.
"We also expect significant synergy in the areas of controls engineering and robotics, and, equally important, we foresee an excellent cultural fit with our existing businesses."
