Numet Announces Successful Award of Several New Long Term Agreements
ORANGE, Connecticut, September 22, 2015 – Numet Machining Techniques (“Numet”), a manufacturer of precision metal components and assemblies for jet turbine engines, announced today that it has signed various Long Term Agreements (“LTAs”) with three major customers in excess of $170 million. This will immediately increase Numet’s backlog through 2020 to more than $250 million. Since Kidd & Company’s acquisition of Numet in 2011, Numet’s total order backlog has increased by more than 600%. These LTAs place Numet in most major engine markets, including GE Aviation’s Leap, CFM-56, GE90, GENX, CF6-80, F110, F414 and various marine and industrial (“M&I”) engine lines, as well as Pratt & Whitney models JSF, F100, GTF, Boeing Air Fuel Tanker and the GG8 & FT4000 M&I lines. Numet also supports the DOD directly on GE Aviation models F110, F414, and F101 as well as Pratt & Whitney’s F100 and TF 33 engine programs.
“Every person here has been focused on expanding Numet’s capabilities and to ready ourselves to support the huge increase in demand that is coming from those customers,” said Mark Roscio, CEO of Numet. He added, “In particular, we have relocated to a world class facility, expanded our highly recognized engineering and quality control departments, added new capacity in VTL and 5 Axis milling centers, and increased our access to growth capital. The new LTAs are a testament to what we have been building here and what we will continue to build in the coming months and years to position ourselves as a world class supplier to our customers.”
Joe Sartori, COO of Numet, added, “These long term agreements will add significant incremental revenue, but it doesn’t stop there. They also provide an excellent mix of commercial, ground turbine and military engine components that reflect our expanding capabilities that include extremely complex parts and assemblies. These factors play a strong role in increasing our average revenue per part and highlight Numet as a leader in the aerospace manufacturing supply chain.”
Tony Castor, Numet’s Chairman of the Board and Managing Partner at Kidd & Company, commented, “We have been extremely pleased with the growth trajectory of Numet, and very impressed with the voracity of the team to execute on the strategic growth plan. Receiving these LTAs further solidifies the future of the Company and affirms our investment and commitment to the team there. We simply could not be prouder of them.”
Numet is a self-release Tier 1 provider of parts and components for jet turbine engines to General Electric Aviation, Pratt & Whitney, and the U.S. Department of Defense. Additionally, Numet also services customers in the overhaul and repair market for both military and commercial aviation and ground power applications. The Company currently specializes in complex turned and 5-axis milled components up to 70” in diameter and assemblies made from extreme temperature alloys such as Waspaloy, Titanium, Cobalt, Inconel, Rene 41, Haynes 242, and Haynes 188. Numet holds ISO-9001 Rev C, AS9100 and Nadcap certifications.
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.