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MIDWEST CITY -- Midwest City-based aerospace investment company Acorn Growth Cos. has purchased a West Coast company that makes composite aircraft components and structures.
Acorn Growth acquired Marina, Calif.-based Integrated Composites Inc., which designs, develops and manufactures components for several industries, including parts for helicopters and windshield edge frames for more than 40 different fixed and rotary-winged aircraft. It is the fourth acquisition for Acorn in the past 15 months, Acorn Growth partner Jeff Davis said.
Integrated was founded in 1992 and operates out of a 40,000-square-foot facility in the Monterrey Bay area of California. The company provides products and services to customers including the U.S. Navy, Army and Air Force, Lockheed Martin, Boeing and C and D Aerospace.
"Integrated Composites is an industry leader in its niche and has developed an outstanding reputation for engineering excellence, quality and on-time delivery," said Rick Nagel, another Acorn partner. "We're excited about Integrated Composite's future and look forward to strengthening its position as a value-added aerospace engineering, design and component manufacturer."
No changes seen Joe Johnson, an Integrated founder, will remain as president, and the company's 20 employees will remain in Marina, Davis said.
When companies are acquired, "it's important not to be disruptive," he said. "For the most part, they are strong, stand-alone companies."
However, "when it makes good sense we'll establish an Oklahoma presence," he said.
Integrated will become an operating company of AGC Aerospace & Defense, an operating group of Acorn Growth.
AGC Aerospace & Defense is organized into four operating groups of AGC Composites, AGC Integrated Defense, AGC Services and AGC Finance, which includes companies that engage in manufacturing, aircraft modification and upgrades, engineering services, logistics, procurement and maintenance, repair and overhaul.
Michigan-based Peninsula Capital Partners provided financing for the acquisition.