Renton-basedmanufacturer AIM Aerospace will be sold for $510 million in cash to Sekisui Chemical Group, the company’s private-equity owner said Monday.
Liberty Hall Capital Partners, which invests in the aerospace and defense industries, bought AIM in 2016 for $220 million.
“Over the past three years … the company has expanded its capabilities, diversified its customer base and extended its geographic reach,” said Liberty Hall’s founding partner, Rowan Taylor, in a statement.
AIM Aerospace’s product portfolio has grown dramatically since it was acquired. AIM primarily produced interior components like closets, lavatories and overhead luggage storage systems for customers like GE, Boeing and Spirit AeroSystems. When Liberty Hall acquired Quatro Composites in 2017 and merged the two companies, it was able to provide a wider range of products.
Now, AIM has facilities in Renton, Auburn and Sumner, where it manufactures ducting products and aerospace wing components along with their interior components.
The buyer, Sekisui Chemical Group, is a Japan-based chemical company that manufactures resin- and plastic-based products for the home. Daniele Cagnatel, the CEO of AIM Aerospace, said the company plans to utilize Sekisui’s global presence to expand the company.
“We are excited to join Sekisui Group and plan to leverage their strong industrial, material and manufacturing expertise,” he said in a statement.
According to Puget Sound Business Journal’s annual lists, it had a total revenue of $130 million in 2016, and $165 million the following year. But while the company has expanded outside of Washington, its in-state employment fell from 1,050 in 2016 to 800 the following year.
The sale will occur between October and December 2019.