News

Leading Precision Aerospace Components Manufacturer, Imaginetics, Inc., Recapitalized by Kidd & Company, LLC

14 January 2013

Meridian Capital LLC, a partner of Global M&A, is pleased to announce the recapitalization of Imaginetics, Inc. (the “Company”), sponsored by Kidd & Company, LLC in partnership with Centerfield Capital Partners and the Company’s two legacy shareholders, James Flynn and John Nyberg. Meridian served as Imaginetics’ financial and strategic advisor on the transaction, with Graham & Dunn serving as legal counsel.

Founded in 1989, Imaginetics is a leading manufacturer of precision aerospace components, offering a broad set of manufacturing capabilities including CNC machining, sheet metal fabrication, assembly and tooling. Headquartered in Auburn, Washington with 120 employees, the Company is a direct supplier to Boeing, Hexcel, Spirit, C&D Zodiac, Kawasaki, among others. Imaginetics has received significant recognition for its performance and quality, most recently being named a Boeing Silver Supplier for a third consecutive year.

The partnership with Kidd & Company and Centerfield provides Imaginetics with incremental capital and resources to meet the increasing production needs of its customer-base as well as aggressively expand its portfolio of long-term programs.

“Jim and I are extremely proud of the team that has been built at Imaginetics. We believe the current management team, Kidd and Centerfield are the right partners to take the Company to the next level of success,” says John Nyberg. “Throughout the process, Meridian was committed to developing a strong understanding of our business and transaction goals. The firm’s knowledge of the aerospace market was apparent and valuable throughout.”

Brian Murphy, director at Meridian Capital adds “Imaginetics is differentiated in its segment of the aerospace components market due to its unique combination of manufacturing capabilities and efficient processes. The business is clearly well positioned to capitalize on the dynamics within the aerospace & defense industry. We are thrilled to have been part of a transaction that was both successful for the shareholders and helped to position the Company for continued success.”

Kidd & Company is an Old Greenwich, Connecticut-based principal investment firm. The Imaginetics investment expands Kidd & Company’s presence in the aerospace & defense sector. The firm’s portfolio also includes Numet Machining Techniques, Inc., a manufacturer of precision components for jet turbine engines.

Centerfield Capital is an Indianapolis, Indiana-based private equity firm that provides mezzanine and equity financing to growing businesses. Centerfield has significant experience investing in manufacturers including successful investment experience in the aerospace industry.

“We are very excited about the strength of this management team and what they have been able to achieve over the last several years – they have taken a strong company and made it even stronger,” says Anthony Castor, a Kidd & Company partner. “Working with them to take the company to its next level will truly be a pleasure.”

The existing management team will remain with the business as the Company continues to work to leverage its breadth of manufacturing capabilities to expand its presence on key programs.

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.

About Centerfield Capital

Centerfield Capital Partners is a private equity firm which provides subordinated debt and equity co-investments to finance private equity-sponsored and unsponsored transactions in the lower middle market. Centerfield invests $4 to $12 million per transaction, and can arrange up to $30 million with support from its institutional limited partners. Centerfield invests in profitable growing companies, generally to facilitate changes in ownership, recapitalizations or growth initiatives. Centerfield manages approximately $280 million across three funds and is located in Indianapolis, Indiana. For more information, visit www.centerfieldcapital.com.