Deloitte Corporate Finance Advises on the Sale of Assets of Dukes, Inc. and GST Industries, Inc. to TransDigm Group Inc.
08 Februar 2010 - 3:00PM
PR Newswire (US)
Transaction Highlights Middle Market Sell-Side Qualifications;
Experience in the Aerospace and Defense Industry NEW YORK, Feb. 8
/PRNewswire/ -- Deloitte Corporate Finance LLC ("DCF") today
announced its role as the exclusive financial advisor to Dukes,
Inc. and GST Industries, Inc. (collectively, "Dukes") in their sale
of substantially all of their assets to TransDigm Group
Incorporated (NYSE: TDG, "TransDigm") for approximately $96 million
in cash, plus the possibility of future payments up to a total of
$60 million over four years based on the achievement of certain
growth targets. Dukes, Inc., headquartered in Northridge,
California, and GST Industries, Inc., located in Mesa, Arizona, are
suppliers of proprietary, highly engineered components primarily to
the business jet, regional jet and military aerospace markets,
along with commercial and military helicopter markets. For more
than 50 years, Dukes has primarily designed and manufactured highly
engineered valves, while also producing certain pumps, solenoids
and related components. The majority of Dukes' revenues are
business-jet related with significant content on the Cessna family
of jets and Hawker Beechcraft Premier and 400XP, as well as
Bombardier business and regional jets, Bell 206/407/412/429 and
military platforms such as the F-16, F-18, C-130, T-50, and
AH-1Z/UH-1Y. Major customers include Cessna, Honeywell, Bombardier,
Hawker Beechcraft, Lockheed Martin and Bell. Dukes had annual
revenues for fiscal year 2009 of approximately $36 million. "This
transaction is another example of DCF's role as a leading middle
market, sell-side financial advisor within the Aerospace and
Defense sector," said Kevin McFarlane, managing director of
Deloitte Corporate Finance. DCF has advised on several transactions
in the sector in recent years. Peter Frankfort, senior vice
president of Deloitte Corporate Finance added, "While 2009 proved
to be a difficult year in certain segments of the aerospace
industry, the market continues to recognize the long term value
inherent in a portfolio of proprietary, sole-sourced and highly
engineered products, especially those with aftermarket revenue
streams. Regardless of industry subsector, those companies that
fill in technology gaps for larger market participants or allow
them to move upstream into a system integrator role will continue
to be attractive acquisition candidates." TransDigm, through its
wholly-owned subsidiaries, is a leading global designer, producer
and supplier of highly engineered aircraft components for use on
nearly all commercial and military aircraft in service today. Major
product offerings, substantially all of which are ultimately
provided to end-users in the aerospace industry, include
mechanical/electromechanical actuators and controls, ignition
systems and components, gear pumps, specialized valves, engineered
connectors, power conditioning devices, specialized fluorescent
lighting, specialized AC/DC electric motors, aircraft audio
systems, engineered latches and cockpit security devices, lavatory
hardware and components, hold open rods and locking devices,
specialized cockpit displays, elastomers, NiCad batteries/chargers,
and starter generators and related components. About Deloitte
Corporate Finance As used in this document, "Deloitte" means
Deloitte Corporate Finance LLC* and Deloitte Services LP, separate
subsidiaries of Deloitte LLP. Please see
http://www.deloitte.com/us/about for a detailed description of the
legal structure of Deloitte LLP and its subsidiaries. * Deloitte
Corporate Finance LLC (DCF), member FINRA, is a wholly-owned
subsidiary of Deloitte Financial Advisory Services LLP. Investment
banking products and services within the United States are offered
exclusively through DCF. DATASOURCE: Deloitte Corporate Finance LLC
CONTACT: Lauren Mistretta, Public Relations, Deloitte,
+1-312-486-4259, Web Site: http://www.deloitte.com/
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