April 8, 2008
Relativity Capital Acquires Berkshire Manufactured Products, Inc.
Arlington, VA — Private equity firm Relativity Capital today announced that it acquired substantially all of the assets of Berkshire Manufactured Products, Inc., a manufacturer of precision engineered, critical jet engine components to the aerospace industry on March 28, 2008. Financial terms were not disclosed.
Founded in 1958, Berkshire has grown into a diversified provider of highly sophisticated, turbine engine components. Working with conventional metals, high temperature alloys, titanium, kovar, plastics and other materials, Berkshire manufactures production and prototype parts for domestic and international customers, primarily for aerospace applications, but also for power generation, marine, high tech, automotive, communications and medical applications. Parts include a broad variety of precision sheet metal stampings, machined parts, and fabricated assemblies. The company is located in Newburyport, MA and current senior management, including President and CEO George Psyhojos, will continue to lead the business and remain significant investors in the company.
Berkshire President and CEO George Psyhojos said, "We are very excited to partner with Relativity and bring the business to new heights. The Relativity team has considerable aerospace industry expertise and experience. As we continue to provide quality products to our customers, we look forward to leveraging Relativity’s knowledge and relationships to grow the business."
Relativity Co-Founder and Senior Managing Director Leslie Armitage said, "We look forward to working with George Psyhojos and his management team as Berkshire builds upon its solid foundation of quality, growth and professionalism. We see considerable opportunities for Berkshire and strongly believe our partnership will drive further growth and profitability."
Relativity Principal Andrew Lodge added, "We see considerable opportunity to leverage our extensive aerospace experience and relationships to accelerate Berkshire’s internal and external growth. We are excited and committed to support the company and its valued customers in the coming years."
Financing for the transaction was provided by RBS Citizens, N.A. and Gleacher Partners. Relativity was advised by Hogan & Hartson LLP and Cherry, Bekaert & Holland. The Bigelow Company served as Berkshire Manufactured Products’ exclusive investment banking advisor in this transaction.
Relativity Capital
Relativity Capital (www.relativitycapitalllc.com), with offices in Arlington, VA and New York, NY, is a private equity firm focused on providing capital to middle market companies. Industries targeted for investment are broad, but generally include aerospace / defense, industrials, business services, healthcare services, as well as others opportunistically. The firm’s founders, Leslie L. Armitage and Joyce Johnson-Miller, bring over three decades of private equity experience, most of which comes through senior positions at The Carlyle Group and Cerberus Capital Management, L.P.
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