Apr 3 2009
Acorn Growth Companies has announced the acquisition of California-based Integrated Composites, Inc. The company is a leading manufacturer of advanced composite aircraft components and structures.
“Integrated Composites is an industry leader in its niche and has developed an outstanding reputation for engineering excellence, quality and on-time delivery,” said Rick Nagel, Partner in Acorn Growth Companies. “We are excited about Integrated Composite’s future and look forward to strengthening its position as a value-added aerospace engineering, design and component manufacturer.”
Joe Johnson, a company founder, will continue to serve as the President of Integrated Composites. “I look forward to working with Acorn Growth Companies as we work cooperatively to advance Integrated Composites to the next level of growth and development,” Johnson said.
Integrated Composites will become an operating company of AGC Aerospace & Defense, which is an operating group of Acorn Growth Companies.
“Joe Johnson is passionate about serving Integrated Composite’s customers, overseeing its growth and nurturing its employees. We are very pleased that he will continue to lead the company,” said Al Haase, Chief Executive Officer of the Composite Business Unit of AGC Aerospace & Defense.
Peninsula Capital, Detroit Michigan, provided mezzanine debt financing for the acquisition.
“This was a complex transaction made all the more challenging by the current economic climate,” said Nagel. “We are very appreciative of the efforts of Peninsula Capital and its shared vision of our aerospace composites acquisition strategy.”
Integrated Composites supports numerous key commercial and military aircraft programs with advanced designs for both primary and secondary structures on a variety of fixed and rotary wing aircraft.