Kidd & Company, LLC Recapitalizes Numet Machining Techniques, Inc.; Hires New Chief Executive Officer and Chief Financial Officer
September 1, 2011, Old Greenwich, CT - Kidd & Company, LLC ("KCO") has sponsored the recapitalization of Numet Machining Techniques, Inc. ("Numet") in partnership with its two shareholders, Mark Roscio and Tony Neto. "We are excited to partner with Mark and Tony to build on the terrific foundation they have created over the last 27 years and, together, plan to continue to grow Numet by serving the increasing demands of its customer base," said Don Hardie, a partner at KCO.
Headquartered in Stratford, Connecticut, Numet is a highly regarded manufacturer of precision machined parts, kits, and assemblies for jet turbine engines for a wide variety of commercial and military aircraft. Numet's customers rely on the Company's state of the art technical precision, manufacturing quality, responsiveness and on-time delivery.
In conjunction with the closing of the transaction, Numet has expanded its management team to include Andrew Gale in the newly created post of Chief Executive Officer and Dennis Nolan in the newly created role of Chief Financial Officer. Andrew Gale joins Numet from his previous position as CEO of Veridiam, a contract manufacturer of assemblies and precision components machined from high performance metal alloys and medical grade plastics for the medical, nuclear, and aerospace and defense markets. "Andy and Dennis represent just the first step in adding resources at Numet to enable the company to capitalize on the very favorable market position the founders have established, while allowing Mark and Tony to focus on their core areas of expertise, namely customer relationships and manufacturing operations," said Don Hardie. New CEO Andrew Gale stated, "I am excited to be joining Numet at such an opportune time in the aerospace industry. Numet is extremely well-positioned with its customers and is poised to continue growing by expanding its capabilities into more complex parts, components and assemblies." Dennis Nolan was most recently Senior Vice President and General Manager of U.S. Operations for Rockwood Services Corporation, a company providing nondestructive testing (NDT).
"We are very excited about our new partnership with KCO. There are many growth opportunities for Numet and we are confident in our ability to capitalize on them with the help of our newly expanded management team and the additional resources that come from the KCO team," said Mark Roscio, co-founder of Numet. Don Hardie stated, "This investment fits perfectly with KCO's investment strategy of partnering with business owners to transform businesses in industries undergoing change in order to build fundamental value. With the anticipated tightening in the jet turbine supply chain, Numet provides the foundation for us, collectively, to create a higher value-added supplier that will help our customers meet the burgeoning demand for next generation engines, particularly in the commercial sector. This is consistent with Mark and Tony's long term vision for the business, and we, as their partners, will help enable the realization of that goal." Tony Castor, a KCO partner and Chairman of the Board of Numet, added, "We are extremely impressed with the franchise that Numet has built with its strong customer relationships and outstanding reputation, and we are thrilled to be partnering with Mark and Tony and the expanded management team to take the company to the next level. We intend to grow Numet, and, in doing so, increase our U.S. base of manufacturing jobs, which is clearly needed in these difficult economic times."
The founders of Numet made substantial co-investments along with KCO in the transaction. Advantage Capital Connecticut Partners provided senior debt financing, while Ironwood Capital and Spring Capital Partners provided subordinated debt. For more information about the transaction, contact Tony Castor or Don Hardie at KCO.
About Kidd & Company
Kidd & Company, LLC ("KCO"), 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