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TRM acquires Gamma Aerospace assets; Sole Source buys seafood importer; General Atlantic bets on Abu Dhabi

Good morning, Hubsters, MK Flynn here with today’s Wire.

We’re following a bunch of deals today from all over the world.

Let’s start relatively close to home with an aerospace and defense deal from a Michigan private equity firm picking up assets in Texas.

Then we’ll look at a seafood deal from a PE firm based in Texas.

Then we’ll cast a wider net, as a significant direct lender in the US deepens its bench in Europe.

We’ll check in with our PE Hub Europe team, which is covering a European broadcasting services deal.

And we’ll end with news of a new investment manager in the Middle East and North Africa.

Let’s start the globetrotting with all news is local:

Challenging operating environment. TRM Equity has acquired the assets of Gamma Aerospace. With three production facilities, including its headquarters in Mansfield, Texas, assembly location in southern California and machining location in Mexicali, Gamma is a manufacturer of multi-contoured formed and multi-axis machined parts serving the aerospace and defense sector.

"Gamma has been entrusted by the defense industry primes and commercial OEMs with responsibilities to provide critical components on high-profile programs for years,” said Jeff Stone, managing director, TRM. “These customers have supported our efforts to move the business forward from a very challenging operating environment caused by a combination of uncertain demand during the covid pandemic, labor market tightness and supply chain dislocations during the rebound from covid, as well as ongoing aggressive inflationary pressure.  As we move forward, Gamma will be a stable and predictable performer for our customers while the industry continues to navigate ongoing supply chain challenges."

Based in Ann Arbor, TRM Equity makes control investments in middle-market industrial businesses with a history of profitability.

Gone fishing. Sole Source Capital has acquired Lee Fish USA, a seafood importer and distributor. The transaction marks Sole Source’s fortieth investment since the Dallas PE firm was founded by David Fredston in 2016. The deal marks the firm’s third platform investment in the foodservice distribution space. 

Cross-border. Golub Capital has expanded its presence in Europe with three new additions to its London-based team: Daniel von Rothenburg joined Golub as a managing director and head of EMEA on the business development and investor relations team. Von Rothenburg previously held MD positions are New End and at Oaktree Capital. Philipp Schroeder joined Golub as a senior director on the direct lending team. Schroeder worked previously in the direct originations team at Apollo Global Management in London. Mensah Lambie joined Golub as a principal on the direct lending team. Lambie was a principal at Apollo in London.

"European investors have become increasingly interested in private credit, recognizing its ability to deliver consistent, premium returns,” said David Golub, president of the firm.

For ongoing coverage of private equity deals in the region, see PE Hub Europe.

European broadcasting services. Among the deals covered in depth today by the PE Hub Europe team is DUBAG’s carveout of Eurovision Services from the European Broadcasting Union.

Eurovision Services provides services for media organizations and sports federations and has offices in North America, Europe, the Middle East and Asia. Among its biggest customers are sports federations and right holders, such as UEFA, Formula 1 and the NBA.

Investing in MENA. ADQ, an investment and holding company, and International Holding Company, a global diversified conglomerate, aim to create the largest multi-asset class investment manager in the Middle East and North Africa (MENA), headquartered in Abu Dhabi.

General Atlantic is participating as a strategic investor and partner.

That wraps things up for today. I’ll be back with more PE deals tomorrow.

All the best,

MK

Read the full wire commentary on PE Hub ...

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