1/27/2012 1:21:00 PM
HEADLINES
Novaria Acquires Aerospace Supplier Fitz Manufacturing
The Novaria Group announced acquisition of aerospace supplier Fitz Manufacturing Industries.
Fort Worth-based Novaria plans expansion of Fitz’s capabilities for future growth.
Fitz Manufacturing will be renamed Fitz Aerospace.
“There is significant opportunity for Fitz to accelerate its growth plans by joining forces with Novaria,” managing partner Earl Larkin said. “The current Fitz management team, combined with our financial support, deep industry relationships, and strategic expertise, will better serve customers while preserving the culture and reputation for high quality that Fitz has built over the last 16 years.”
Fitz manufactures aerospace bushings, aerospace fasteners and precision-machined components and operates a metal finishing facility.
Fitz customers include many major tier 1 and tier 2 OEMs, and major distributors, including B/E Aerospace, Boeing, Bombardier, GE, Goodrich, Spirit, and Wesco.
Fitz founder Greg Fitzgerald will remain an equity partner and CEO.
“To better serve our customers during this critical time in the aerospace market, I needed a true partner who understood the industry, had experience operating successful organizations, and provided value-add well beyond capital support,” Fitzgerald explained.
Fitz will maintain its current 132,000-sq. ft. location in North Richland Hills, north of Fort Worth, Texas. Fitz has 150 employees.
Fitz was founded in 1995 “under the vision and entrepreneurial spirit of the Fitzgerald family, including Greg’s parents, Barry and Bonnie Fitzgerald and longtime friend Steve Huey.” Web: fitzmfg.com
Novaria Group is pursuing aerospace small- to mid-market companies for acquisition, managing partner Bryan Perkins said. Novaria is the aerospace investment platform for Satori Capital, a middle-market growth capital and buyout firm based in Dallas. Web: satoricapital.com ©2012 GlobalFastenerNews.com
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