New Chief Executive Officer and Chief Financial Officer Appointed
OLD GREENWCH, Conn., Oct. 24, 2011 /PRNewswire/ — Kidd & Company, LLC (“KCO”), a leading private investment firm focused on the middle market, announced it has sponsored the recapitalization of Numet Machining Techniques, Inc. (“Numet”) in partnership with its two founding shareholders, Mark Roscio and Tony Neto.
Headquartered in Stratford, CT, Numet is a manufacturer of precision machined parts, kits, and assemblies for jet turbine engines for a wide variety of commercial and military aircraft. The Company serves original equipment manufacturers including GE Aircraft Engines and Pratt & Whitney Aircraft, as well as the Department of Defense.
“We are excited to partner with Mark and Tony to build on the terrific foundation they have created over the last 27 years and, together, plan to continue to grow Numet by serving the increasing demands of its customer base,” said Donald M. Hardie, a Partner at KCO. “This investment fits perfectly with KCO’s investment strategy of partnering with business owners to transform businesses in industries undergoing change in order to build fundamental value.”
Numet has also expanded its management team with the appointment of Andrew Gale in the newly created post of Chief Executive Officer and Dennis Nolan in the newly created role of Chief Financial Officer. Mr. Gale joins Numet from his previous position as CEO of Veridiam, a contract manufacturer of assemblies and precision components machined from high performance metal alloys and medical grade plastics. Mr. Nolan was most recently Senior Vice President and General Manager of U.S. Operations for Rockwood Services Corporation.
Mr. Gale stated, “I am excited to be joining Numet at such an opportune time in the aerospace industry. Numet is extremely well-positioned with its customers and is poised to continue growing by expanding its capabilities into more complex parts, components and assemblies.”
Mark Roscio, co-founder of Numet, said, “We are very excited about our new partnership with KCO. There are many growth opportunities for Numet and we are confident in our ability to capitalize on them with the help of our newly expanded management team and the additional resources that come from the KCO team.”
Tony Castor, a KCO Partner and Chairman of Numet, added, “We are extremely impressed with the franchise that Numet has built with its strong customer relationships and outstanding reputation, and we are thrilled to be partnering with Mark and Tony and the expanded management team to take the company to the next level.”
The founders of Numet made substantial co-investments along with KCO in the transaction. Advantage Capital Connecticut Partners provided senior debt financing, while Ironwood Capital and Spring Capital Partners provided subordinated debt.
About Kidd & Company
Kidd & Company, LLC is an Old Greenwich, Connecticut-based principal investment firm. KCO traces its roots to 1976 when William Kidd made his first private equity investment. Today, KCO is the private investment arm of the Kidd Family Office engaged in sponsoring private equity transactions in the lower middle market. The firm’s focus is on driving superior returns by implementing fundamental strategic and operational improvements to drive above-market growth in revenue and earnings, both organically and through accretive acquisitions. The diverse skill set of its partners allows KCO to bring management, operational, sales and marketing, corporate finance and M&A expertise to bear to substantially increase the total value of its investments. For more information, visit www.kiddcompany.com.
Contact: Chris Tofalli Chris Tofalli Public Relations, LLC 914-834-4334
SOURCE Kidd & Company, LLC