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Cronus Partners Announces Sale of Evolution Aero

December 17, 2019 GMT

SOUTHPORT, Conn.--(BUSINESS WIRE)--Dec 17, 2019--

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.”

About Evolution Aero

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. See http://evoaero.com/.

About Whitcraft Group

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. See https://www.whitcraftgroup.com/.

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 public and private companies that can benefit from middle-market transactions. To learn more, please visit www.CronusPartners.com and follow us on LinkedIn.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191217005577/en/

CONTACT: For further information, please contact:

Cronus Partners LLC

Andrea Chase

Partner

203.774.9642

achase@cronuspartners.com

KEYWORD: UNITED STATES NORTH AMERICA CONNECTICUT

INDUSTRY KEYWORD: FINANCE AIR ENGINEERING TRANSPORT BANKING AEROSPACE PROFESSIONAL SERVICES MANUFACTURING LOGISTICS/SUPPLY CHAIN MANAGEMENT

SOURCE: Cronus Partners LLC

Copyright Business Wire 2019.

PUB: 12/17/2019 10:22 AM/DISC: 12/17/2019 10:22 AM

http://www.businesswire.com/news/home/20191217005577/en