SC&H Capital, a leading investment bank specializing in M&A advisory for middle-market companies, is pleased to announce that its client, ASTECH Engineered Products (“ASTECH” or the “Company”), has been acquired by Avem Partners (“Avem”).
ASTECH, a premier supplier of safety-critical aerostructures to the global aerospace and defense industry, employs over 150 people and operates out of a 315,000 square-foot facility in Southern California. Throughout its history, the Company has leveraged its unique technology to establish long-standing relationships with some of the largest OEMs in the aerospace industry, including Boeing and Pratt and Whitney. For almost two decades, ASTECH previously operated as a division of a large aerospace company prior to its divestiture in March of 2022.
New ownership was immediately faced with several challenges and, despite efforts to raise additional capital and negotiate price increases with its main customers, ASTECH was forced to file Chapter 11 in July 2022. ASTECH retained SC&H Capital, which was approved by the United States Bankruptcy Court for the District of Delaware to conduct a sale process for the Company. After conducting a global marketing process and generating multiple bids, an offer from Avem Partners, a Southern California-based private equity firm that focuses on aerospace companies, was selected as the winning bid and approved by the bankruptcy court.
“This was a very complicated deal in a very challenging situation with a lot at stake for multiple parties given the products ASTECH manufactures. It took a monumental effort from the Company, the customers, and the buyer to achieve this result and we are very pleased with the outcome. Avem has done a great job bringing stability to the Company and continuing to serve customers and vendors. We feel fortunate to have helped complete the transaction and save the jobs for a lot of highly skilled individuals,” said Matt LoCascio, Principal at SC&H Capital.
“I want to express my personal thanks to the SC&H team for all they did to bring the sale to a successful close,” said Dave Richeson, Executive Chairman of ASTECH, “They were great to work with and bring this home.”
The transaction was executed in December 2022 and closed in March 2023.
About SC&H Capital
SC&H Capital is an investment banking and advisory firm specializing in mergers and acquisitions (M&A), employee stock ownership plans (ESOP), distressed M&A, and business valuations for middle-market companies nationally. SC&H Capital delivers services across numerous industries including technology, healthcare, manufacturing, business and professional services, and government contracting. We are recognized for delivering relevant market insights and tailored solutions to help owners achieve their true strategic value. To learn more, visit www.schcapital.com.
