WICHITA, Kan.--(BUSINESS WIRE)--Highland Capital Management, L.P. (”Highland”) has completed its acquisition of 100% of the outstanding ownership interests in Nex-Tech Aerospace (formerly known as Thayer Aerospace), a Wichita-based manufacturer of complex structural airframe components and assemblies for the aerospace, defense and space industries. No financial terms were disclosed.
As an integrated supplier, Nex-Tech Aerospace products are found in a number of critical aircraft components, including doors, landing gears, wings, control surfaces, vertical and horizontal stabilizers, rudder and flap control mechanisms, engine mounts and high stress sections of the fuselage. The Company’s headquarters are located in Wichita, Kansas, the “Air Capital” of the World and home to six major aircraft manufacturing companies. Nex-Tech Aerospace’s customers include Lockheed Martin, Gulfstream Aerospace, Cessna Aircraft, Boeing, Spirit AeroSystems, Raytheon Aircraft and others.
“The consummation of this transaction represents the next phase in our evolution toward being a premier Tier II Aerospace supplier. The strong financial support from Highland gives us a foundation to grow and meet the ever increasing delivery demands of our customers. This, coupled with additional investment capability in new emerging airframe platforms, will position Nex-Tech Aerospace well for the next decade.” said William McKenna, President and Chief Executive Officer for Nex-Tech Aerospace.
“We are pleased to add Nex-Tech Aerospace to our portfolio of companies thereby expanding our presence in the aerospace, defense and space industries,” said John Honis, Head of Private Equity at Highland, “Nex-Tech Aerospace is well positioned to benefit from several aerospace industry trends, such as the continued outsourcing of components and assemblies by OEM’s and Tier I suppliers to fewer preferred suppliers as aircraft production increases across the large commercial, corporate and military markets.”
Highland’s Private Equity Group focuses on opportunistic controlling investments in a wide range of industries. Highland is regarded as a leader in structuring complex transactions, and seeks to actively support and strengthen management teams in their execution of an accelerated growth strategy in the years following the investment. Highland typically makes controlling investments in companies that have the potential to build a long-term competitive advantage and build barriers to entry through differentiation of production efficiencies, product quality and service excellence.
Founded in 1993, Highland Capital Management, L.P. is a leading investment management firm specializing in alternative investments with approximately $35 billion under management. A privately held registered investment advisor, the firm is a recognized leader and innovator in the credit and structured products markets. Highland is headquartered in Dallas, Texas, and has offices in New York and London.