Cronus Partners Announces Sale of Springfield Manufacturing
Cronus Partners LLC is pleased to announce that it acted as financial advisor to Springfield Manufacturing, LLC, an outsource provider of precision machining to military and industrial gas turbine manufacturers and others, in the sale of substantially all of its assets to a newly created entity, Springfield Manufacturing, Inc., whose principal owners are shareholders in several other privately held companies focused on electrical, pneumatic and thermodynamic products for the military, general and commercial aviation and industrial markets.
Jeffrey Rubin, Managing Partner at Cronus, commented, “The addition of Springfield Manufacturing to this group of companies will complement the existing businesses and make them a stronger competitor in new and existing markets. We are pleased to have been a part of the team achieving this successful business combination and to have had the opportunity to bring Cronus’ expertise to bear.”
Headquartered in Clover SC, Springfield Manufacturing, LLC has focused since 1996 on high precision, multi-axis part processing applications in a wide range of markets. It provides a valuable part processing resource for high-value components involving superalloys and other exotic materials for some of the most demanding manufacturers in the aero engine, industrial gas turbine, medical and energy industries. The company is ISO 9001:2008 and AS9100C certified.
Springfield Manufacturing, Inc. is owned by three individuals, Jeffrey Kelly, William LeFavor, and Ramon McClellan, who are experienced owner-operators of similar and strategic businesses. Mr. Kelly is the owner of several aviation and industrial manufacturing businesses which design, manufacture and overhaul FAA-approved aircraft ignition system components and replacement parts primarily for the general aviation piston engine market; design, manufacture, certify and install aviation vapor cycle air conditioning systems for general aviation aircraft, commercial and military helicopters and avionics cooling packs; manufacture electric pumps and mechanical valves for the aviation and defense industries and fuel pumps for the automotive performance aftermarket and racing industry; and operate an MRO and manufacturing center that specializes in aircraft pneumatic heat transfer valves, pumps and environmental control units for commercial, military, regional, business, transport, and rotorcraft aircraft. Mr. LeFavor is the majority owner and principle operator of Air Cleaning Specialists, Inc. in Raleigh, NC which specializes in the installation, service and manufacturing of vehicle exhaust systems and industrial/commercial air cleaning systems. Mr. McClellan is a part owner and principal operator of an aviation engine overhaul facility located in Fairhope, AL.
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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Cronus Partners LLC
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