Cronus Partners LLC is pleased to announce that it acted as financial advisor to Evolution Aero, LLC, a world-class manufacturer of parts and assemblies for the aerospace and power generation industries, in the sale of substantially all the assets of EvoAero, Inc. in Windsor CT and Condor Industries, LLC in Fort Lauderdale FL to Whitcraft Group, an Eastford CT-based aeroparts manufacturer.
Charles Agreda, President of Evolution Aero, commented, “The sale of my businesses leaves a legacy that was built with the support of loyal and dedicated employees, fellow business owners, suppliers, and friends who have partnered with us to manufacture the toughest components to support our customer demands. The new owners are highly respected within the aerospace industry, and the companies have many business synergies to foster growth. I want to thank Cronus for its tireless efforts in bringing the transaction to fruition.”
Jeffrey Rubin, Managing Partner at Cronus, added, “The transaction significantly increases the production capacity of the combined companies and expands Whitcraft’s reach outside of aerospace into the power generation industry. Cronus is pleased to have been a part of the team achieving this successful combination and to have had the opportunity to bring our expertise to bear.”
Evolution Aero manufactures parts and assemblies for the aerospace and power generation industries, providing customers with the finest in precision machining and design services. It is among an elite class of design-to-production manufacturers offering a “one-stop shop” from concept to completion, integrating the best new technologies and updated equipment and applying lean manufacturing principles to ensure consistently high quality.
Whitcraft Group is a leading manufacturer of highly engineered, precision formed, precision machined, and fabricated products with a blue-chip customer base including every major aero-engine OEM and Tier I supplier, with content on over 100 distinct turbine engines/platforms, and is a manufacturing partner for Pratt & Whitney, GE Aviation, Honeywell, Collins Aerospace, Sikorsky, Safran, Rolls-Royce, and the U.S. Government.
About Cronus Partners
Advising on mergers, acquisitions, divestitures, sales, and private placement financings, Cronus Partners is an independent investment banking firm that provides financial advisory and other investment banking services. Winner of the New York Association for Corporate Growth’s Boutique Investment Bank of the Year Award, the firm has significant experience in advising both publicly and private companies that can benefit from middle-market transactions.
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