C.W. Downer & Co. Assists RFE Investment Partners and 24/6 Capital Partners with the Acquisition of PCX Aerostructures, LLC

BOSTON, April 15, 2014 – C.W. Downer & Co., a leading global middle-market investment bank, is pleased to announce the acquisition of SPX Corporation’s (NYSE: SPX) Precision Components business (renamed PCX Aerostructures, LLC) by RFE Investment Partners and 24/6 Capital Partners. The deal closed on April 10, 2014 for approximately $62m. Industry veteran Alan Haase has been named Chief Executive Officer of PCX. Mr. Haase, together with RFE and 24/6, will pursue a growth strategy focused on expanding relationships with current customers as well as securing new customers in both the commercial and military markets. In addition, PCX will actively seek compelling add-on acquisitions that will both complement its current production capabilities and broaden its product offerings.

PCX Aerostructures is a world-class manufacturer of flight-critical and other essential components for rotorcraft and fixed-wing aerospace platforms serving military and commercial markets. PCX focuses on producing complex parts machined from hard alloys where tight tolerances and quality are imperative. PCX has manufacturing facilities in Newington, CT, as well as Ronkonkoma, NY, and Farmingdale, NY.

The transaction represents another successful mandate for C.W. Downer in the aerospace industry. Over the past decade C.W. Downer has worked on numerous successful buy-side and sell-side mandates for clients in the aerospace and gas turbine industries in both Europe and North America. “PCX represents a great opportunity to build a leading aerospace business that is well diversified across military, commercial, rotorcraft and fixed-wing platforms,” said Wade Aust, Managing Director at C.W. Downer & Co. “The company will also benefit from the leadership of an experienced aerospace executive such as Al Haase. He has a clear strategy for growing PCX’s commercial aerospace revenue while improving operations.”

24/6 and Al Haase initially partnered to find a platform investment providing precision machined parts to the aerospace industry. They worked closely with C.W. Downer & Co. to source the PCX transaction and secure an equity partner in RFE. “We knew RFE had a great track record of investing in private businesses and, more importantly, having worked with them several years ago on another transaction, we were confident that RFE could complete a corporate carve-out of the size of PCX,” said David Waldstein, Vice President at C.W. Downer & Co. “RFE’s investment performance combined with our past experience gave us comfort that RFE would be an excellent partner for Al and 24/6.”

The C.W. Downer & Co. team assisting RFE and 24/6 with the acquisition included Wade Aust (Managing Director & Partner) and David Waldstein (Vice President).

About C.W. Downer & Co.

C.W. Downer & Co. is an independent, global investment bank offering middle-market clients a high level of personal attention coupled with 39 years of international execution experience. We provide insight, not just information. We generate value, not just transactions. With nine fully integrated offices on four continents, we consistently identify the most appropriate strategic buyer and uncover “hidden” acquisition targets. C.W. Downer & Co. delivers the reach of a bulge-bracket investment bank with the senior level focus of a boutique. For more information, visit

About RFE Investment Partners

RFE Investment Partners (based in New Canaan, CT), founded in 1979, is a leading private equity firm that has consistently focused its investment activities on companies operating in the lower middle market (less than $100 million of entity value). Currently investing from its eighth committed fund, RFE Investment Partners VIII, RFE seeks to partner with management teams of market leading manufacturing, business service and health care service companies. For more information please contact Peter Reiter, RFE Investment Partners Managing Director at 203-966-2800.

About 24/6 Capital Partners

24/6 Capital Partners, founded in 2011, focuses on generating creative, middle market, private equity transactions often in partnership with accomplished industry executives. PCX Aerostructures is the fourth transaction completed by 24/6 Capital Partners in the past 24 months. For more information please contact Edward Feuerstein, Managing Partner, at 617-396-4408.

For Further Information:

Wade Aust, Managing Director & Partner
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C.W. Downer & Co.
+1 617 482 6200

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