On December 23, Washington, US-based PRV Aerospace, LLC (PRV Aerospace), a portfolio company of Denver, Colorado-based private equity investment company Platte River Ventures, announced that it has acquired all of the outstanding stock of Orange, California-based Arden Engineering Inc.
Arden is a manufacturer of large, complex, precision-machined components and assemblies for the commercial and military aerospace industries. It also produces titanium, aluminum and stainless steel structural parts for a broad range of military and commercial platforms.
"The capabilities of Arden, its platform positions and strong presence in the military aerospace market fit well with our existing businesses and overall strategic direction," said Richard Wood, CEO of PRV Aerospace.
Senior debt financing for the transaction was provided by Bank of America Merrill Lynch, Fifth Third Bank and Columbia Bank. Stifel Nicolaus Weisel acted as exclusive financial advisor to Arden.