Posted by Courtney E. Howard
EVERETT, Wash., 27 Dec. 2010. PRV Aerospace LLC has acquired Arden Engineering Inc. in partnership with senior management of the company. Arden, located in Orange, Calif., is a manufacturer of large, complex, precision-machined components and assemblies for the commercial and military aerospace industries.
"The capabilities of Arden, its platform positions, and its strong presence in the military-aerospace market fit well with our existing businesses and overall strategic direction," says Richard Wood, CEO of PRV Aerospace. "We look forward to partnering with the Arden management team and employees to build on the company's excellent reputation and to further expand the range of products and services we offer to our customers."
"We are pleased to continue to support PRV Aerospace's organic growth and complementary acquisitions," says Greg Sissel, managing director of Platte River Ventures. "PRV Aerospace is fulfilling its strategic goal of becoming a critical supplier to the world's leading aerospace and defense companies."
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.