Littlejohn boosts aerospace portfolio

Littlejohn & Co. has added a second aerospace company to its portfolio with the acquisition of Synchronous Aerospace Group from Hancock Park Associates.

Greenwich, Connecticut-based middle market firm Littlejohn & Co. has acquired Synchronous Aerospace Group from Los Angeles-based private equity firm Hancock Park Associates. Terms of the deal were not disclosed.

Synchronous, a manufacturer of machine parts for the commercial and defence aerospace markets, was formed in 2002 following Hancock Park’s acquisition of Fansteel Schulz Products. Hancock bought Schulz out of bankruptcy from Fansteel for $2.4 million (€1.8 million), and grew the company over the next three years through six add-on acquisitions.

This is Littlejohn’s second investment in the aerospace sector; in late 2003 Littlejohn acquired a stake in Wyle Laboratories, which provides technical testing and engineering services for its customers, which include the Pentagon, the US Navy and the US Space Program.

Littlejohn focuses on investments of between $50 million and $100 million in the industrial equipment, chemicals, automotive and transportation parts and equipment, food processing, healthcare, plastics, aerospace/defence, distribution and consumer products industries.

The firm’s latest fund was closed in May 2005 on $650 million. The company later added $200 million to the fund in an additional round of fundraising that closed this March.