Financial Advisor
Doerfer Corporation
M&A Advisory
Has Agreed To Sell
To
Transaction Details
- On November 29, 2023, Doerfer Corporation announced the signing of an agreement for the sale of Votaw Precision Technologies to TechPrecision Corporation (NASDAQ:TPCS).
- The acquisition is expected to be completed between late 4th quarter, 2023 and 1st quarter, 2024, subject to the satisfaction of customary closing conditions. In addition to the initial purchase price of $85 million, TechPrecision Corporation is obligated to pay up to an additional $25 million earnout payment subject to Votaw meeting certain EBITDA metrics.
- Alexander Shen, TechPrecision’s Chief Executive Officer stated, “On a consolidated basis, the Votaw acquisition will immediately more than double the Company’s revenue and EBITDA, and will strategically increase TechPrecision’s already established defense and aerospace presence.”
About the company
Doerfer Corporation
Doerfer Corporation is a world-class provider of innovative manufacturing, solving large scale challenges of companies globally. Doerfer Corporation is differentiated by its proven ability to develop unique technologies and to produce state-of-the-art hardware solutions for clients who perceive their needs to be difficult or “impossible.”
Votaw Precision Technologies
Founded in 1963, Votaw is a leading Spaceflight & Defense Hardware and Mission & Safety Critical Components manufacturing company with comprehensive and vertically integrated capabilities and capacity in precision machining, fabrication, large complex assembly, testing and finishing, enabling it to support a diverse customer base from first article to full-rate production. With approximately 156 employees, it operates in a 200,000+ square foot integrated campus in Santa Fe Springs, CA.
TechPrecision Corporation
TechPrecision Corporation, through its wholly owned subsidiaries, Ranor, Inc. and STADCO, manufactures large-scale, metal fabricated and machined precision components and equipment. These products are used predominantly in the defense, aerospace, and precision industrial markets. TechPrecision's goal is to be an end-to-end service provider to its customers by furnishing customized solutions for completed products requiring custom fabrication and machining, assembly, inspection, and testing.
Sources: TechPrecision Corporation Press Release, Doerfer Corporation Website and Management.
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