March 29, 2017
KRG Capital Portfolio Company PAS Technologies Enters into Agreement to Be Acquired by StandardAero Holdings, Inc.
KRG Capital Partners (“KRG”), a Denver-based buyout firm, has entered into a merger agreement to sell PAS International Holdings, Inc. (“PAS” or the “Company”), a leading provider of OEM and aftermarket aerospace and industrial gas turbine (“IGT”) components as well as oil & gas valve components, to StandardAero Holdings, Inc. (“StandardAero”).
“We have really enjoyed working with the PAS management team. They have done an excellent job of improving our plant-level capabilities and in the process enhancing our reputation with our customers for on-time service and leading-edge quality control. PAS is a great fit with StandardAero and we are confident the PAS team will enjoy continued success with their new strategic partner,” said Chuck Hamilton, Managing Director of KRG.
PAS’ Chief Executive Officer, Tom Hutton, added, “Through organic capital investment and strategic initiatives, the partnership with KRG allowed us to strengthen our 'one stop shop' capabilities that includes both manufacturing and a full set of special processes in order to enhance our value proposition to some of the world’s leading OEMs. We thank KRG for their support and are excited about continuing to execute our growth strategy as part of StandardAero.”
KRG acquired PAS in October 2010. The sale represents the 11th exit in KRG’s $1.96 billion Fund IV.
Houlihan Lokey and Alantra served as financial advisors and Brownstein Hyatt Farber Schreck served as legal advisor to PAS on the transaction.
About PAS Technologies: PAS Technologies Inc. is a privately held corporation and operates globally in six locations including Hillsboro, Ohio; Kansas City, Missouri; Phoenix, Arizona; South Windsor, Connecticut; Singapore; and Romania. The company specializes in providing cost-effective OEM and MRO solutions for the aerospace, oil and gas, and Industrial Gas Turbine markets. By using innovative and proprietary high-technology processes, along with solutions licensed from OEMs, the company provides great value to its customers. PAS specializes in working with customers whose components are exposed to high wear, high heat, and corrosive environments. Visit PAS at www.pas-technologies.com.
About KRG Capital Partners: Founded in 1996, KRG is a Denver based private equity buyout firm focused on “buy and build” investment opportunities in the lower middle market. KRG has approximately $4.4 billion of cumulative capital either deployed or available for future investment, which includes approximately $1.2 billion deployed since inception by institutional equity co-investors. The Firm seeks investment opportunities where KRG can work in concert with owners and operating managers who are committed to expanding their companies and becoming industry leaders. The result is a partnership that focuses on creating a significantly larger enterprise through a combination of internal growth and complementary add-on acquisitions. Visit KRG at www.krgcapital.com.
KRG Capital Partners
Chuck Hamilton, 303-390-5001