Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Lynnwood, WA-based Teal Sales Incorporated on the sale of its aerospace division, Nova-Tech Engineering, LP (“NTE,” “Nova-Tech” or the “Company”), a leading designer of mission critical assembly systems for the production of aviation, defense and space applications, to Advanced Integration Technology (“AIT”), a portfolio company of Onex Corporation (TSX:ONEX).
NTE is a designer and integrator of critical assembly automation, materials handling and friction stir welding equipment and tooling for the aerospace and space launch industries. Over its storied history, NTE developed and maintained longstanding relationships with the largest global commercial aviation, defense and space OEMs. The Company’s reputation for quality design and strong project management led by its talented management and engineering teams continued to drive towards meaningful new customer wins. AIT was seeking to acquire talented engineering companies to further expand its market share. In a separate transaction, AIT had announced its acquisition of KUKA Systems North America LLC in the same month.
“In our industry, Nova-Tech is synonymous with engineering excellence and dedicated customer service,” said Ed Chalupa, AIT’s Chairman and CEO. “Benny Teal (NTE’s president) and his team have established a culture that perfectly exemplifies the entrepreneurship and innovation that has always driven the aerospace industry forward. Nova-Tech’s strong presence in international markets and adjacent sectors like space launch is particularly unique in our industry.”
“The adoption of automation in aerospace is accelerating, just as the automation supply base is consolidating offshore,” said Teal. “It’s exciting to have a partner in this environment and to be a part of a platform with this scale of technology and engineering talent.”
For more information about this transaction, please contact:
Chairman & CEO