Press Release
Gridiron Capital Acquires Aviation-Repair Business From Praxair
NEW CANAAN, Conn., July 5, 2006 — Gridiron Capital, LLC and Praxair, Inc., (NYSE: PX) announced today they have closed on the previously announced sale of the aviation services division of Praxair Surface Technologies, Inc. to a new corporation established by Gridiron Capital.
The business entity named PAS Technologies Inc, repairs a variety of commercial and military aviation engine and airframe components, and applies protective coatings to the repaired parts. PAS Technologies employs about 520 people and serves about 250 aviation customers worldwide. Under the agreement, the new company acquired operating facilities in North Kansas City, Missouri; Tulsa, Oklahoma; Miramar, Florida; Hillsboro, Ohio; Phoenix, Arizona and Singapore.
“PAS Technologies has been an innovator of industry-leading technical repair processes and is well positioned for further growth,” said Gridiron Capital’s managing partner, Eugene Conese, Jr. “They have listened to their customers and developed cost-effective solutions that save their customers capital investment in new equipment while providing extended life for critical flight parts. The company has carved out a strong niche as the leader in innovative high technology repairs, and has a solid base for introducing new repair designs and expanding market share. We are committed to supporting their strong performance by providing additional resources to support and grow the business.”
PAS Technologies Inc. (www.pas-technologies.com), headquartered in North Kansas City, Missouri, specializes in providing cost-effective repair and overhaul solutions for the aerospace and industrial markets. By using innovative and proprietary high-technology repair processes, along with repair solutions licensed from OEMs, the Company saves its customers from having to purchase costly replacement parts. The broad range of components serviced includes gas turbine engines, critical airframe parts, gates and seats used in oil fields and industrial components used in other high-wear, high-heat, and corrosive environments.
Gridiron Capital, LLC, headquartered in New Canaan, Conn., is a private equity investment firm focused on investing in and growing manufacturing, service and specialty consumer companies. The firm's principals have a long and successful history of investing in and nurturing companies. The principals are successful private equity investors, business owners and operators. The Gridiron principals work closely with management teams to develop strategies for the portfolio companies and provide the necessary human and financial resources needed to execute business plans and build the company. More information on Gridiron is available on the Internet at www.gridironcapital.com.