Meridian Capital LLC (“Meridian”) is pleased to announce the successful sale of its client, Mexico-based Procesos Termicos, to Noranco Inc., a portfolio company of MidOcean Partners and the Public Sector Pension Investment Board. In connection with the transaction, Meridian served as exclusive M&A advisor to the shareholders of Procesos Termicos.
Procesos Termicos, founded in 2004 and headquartered in Monterrey, Mexico, is a supplier of precision machining, sheet metal, hydro forming, special processing and heat treat processes to the aerospace industry. Current customers of Procesos Termicos include Boeing, UTC, and other top tier aerospace industry clientele. Procesos Termicos’s manufacturing facility spans over 90,000 square feet and is one of the only true “one stop shop” aerospace component and assembly providers in Mexico.
Noranco is an integrated manufacturer and solutions-provider to the international commercial and military aerospace sectors offering a wide range of services including high-precision CNC machining, sheet metal fabrication, processing, assembly, testing and supply chain management. The acquisition represents a strategic investment in Mexico for Noranco that greatly enhances its market position in aero – structures, aero – engines and landing gear. Noranco Mexico – Monterrey Division, Noranco’s eighth location, will allow the company to balance its operational footprint and enhance the associated value proposition to its customers, many of which have been operating in Mexico for some time.
David Camilleri, President and CEO of Noranco, said, “We are extremely excited to welcome the entire team at Procesos Termicos to the Noranco organization. At Noranco, we look forward to the future growth that Noranco Mexico promises as we go forward in this strong market environment.”
Dave Ederer, co-owner of Procesos Termicos, also commented, “We are impressed with Noranco’s experience and reputation in the aerospace industry and believe they will be a great partner for Procesos Termicos moving forward. Meridian’s ability to overcome many of the challenges encountered during a cross border deal proved to be invaluable throughout the transaction. We could not have accomplished this sale without the expert guidance we received from Meridian.”
Brian Murphy, managing director at Meridian Capital commented on the transaction, “It was a pleasure to represent Dave and the team at Procesos Termicos throughout the process. The Procesos Termicos opportunity represents a strong strategic move for Noranco as leading Tier I & II suppliers look to offer OEMs sophisticated cross border manufacturing solutions. I believe the transaction further illustrates Meridian’s aerospace industry depth and international M&A capabilities.”