Edgewater Capital Partners Announces Sale of Fiber Materials to Spirit AeroSystems
Cleveland, OH, March 17, 2020 – Edgewater Capital Partners today announced it sold Fiber Materials Inc. (“FMI”) to Spirit AeroSystems (NYSE: SPR). FMI is an industry-leading technology company specializing in high-temperature materials and composites primarily for aerospace and defense applications. The transaction closed on January 10, 2020 and financial details were not disclosed.
FMI is based in Biddeford, Maine and has approximately 220 employees at 2 facilities. The company’s main operations focus on multidirectionally reinforced composites that enable high-temperature structural applications. FMI’s products are currently on the Trident D5, Standard Missile, PAC 3, THAAD and NASA programs such as Stardust, Mars Curiosity, Orion and Mars 2020.
“The Edgewater team and our board supported us in a transformational period that led to the best strategic partner in Spirit,” said Fiber Materials CEO, Mark Miklos. “This new combination will strengthen our ability to scale our unique composite solutions to meet both our customers’ and ultimately our nation’s need for these enabling technologies.”
“Through Edgewater’s partnership with the FMI team, the company emerged as a leading supplier of high-temperature composites,” commented Peter Ostergard, Partner at Edgewater Capital Partners. “We are excited to see these efforts accelerate with the complementary capabilities provided by Spirit.”
Lincoln International acted as exclusive financial advisor, and Taft Stettinius & Hollister LLP served as legal advisor to Fiber Materials Inc. and Edgewater Capital Partners.
About Edgewater Capital Partners
Edgewater is a Cleveland, Ohio based, sector-focused private equity firm making investments in lower middle-market performance materials businesses, specifically in the specialty chemicals, life sciences, specialty industrial and components, and advanced materials verticals. Twenty years of industry-specific investing has allowed the firm to develop a deep understanding of the complexities and nuances common to these businesses. For additional information on Edgewater, visit the firm’s website at www.edgewatercapital.comor email at email@example.com.