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"This acquisition has generated a very favorable reaction from our customers, who have congratulated us for aligning with such a high-quality group of people. We are energized and excited to partner with such a well-regarded company."
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Pegasus, founded in 1989, is a second generation family-owned aerospace manufacturing company considered a world leader in fabricated tubes and pipe assemblies, precision manufacturing and gears. Pegasus parts are found on a variety of commercial and military aircraft engines as well as land based turbines.
Chris & Todd Dipentima were running the company. Their father remained a stockholder. The family was seeking a very specific solution to sell the company to maximize value, but Chris & Todd wanted to continue to manage the business and continue the company’s growth trajectory. In addition, they wanted the sale to be well received by both their customers and employees.
Meanwhile, Leggett & Platt (NYSE: LEG) had been growing their A&D business and were seeking select strategic businesses to build on to their other aerospace businesses: Western Pneumatic Tube Co (Washington), Valley Metals (California), David Hart Aerospace Pipes (UK) and Specitubes (France).
The acquisition was perfect for L&P, the DiPentima family and Pegasus. Pegasus brought a specialized manufacturing expertise, experienced work force and excellent management team that complemented L&P’s A&D businesses. The DiPentima family monetized their holdings, while Chris and Todd will be running the business. They are especially gratified that their selection was very well received by their customers and employees.
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