SALEM,
N.H., Feb. 5, 2025 /PRNewswire/ -- Standex
International Corporation (NYSE:SXI) today announced that it
has acquired privately-held, California-based McStarlite Co., a leading
provider of complex sheet metal aerospace components, for
approximately $56.5 million in cash,
financed from Standex's existing revolver. In its first year of
ownership, the Company expects the acquisition to be accretive to
its earnings. McStarlite Co. will be reported as part of Standex's
Engineering Technologies Group business segment. In calendar year
2024, McStarlite revenue was approximately $33 million with an adjusted EBITDA margin above
20%.
"We are very pleased to have acquired McStarlite, a great
strategic fit, expanding our product breadth and forming
capabilities in commercial aviation, space and defense
applications. Its customer base, product line and technologies are
highly complementary to our existing Spincraft business with the
potential to capitalize on technical exchanges and cross selling
opportunities. McStarlite also brings a strong engineering and
customer-focused team that aligns with Standex's commitment to
customer intimacy," commented President and Chief Executive Officer
David Dunbar.
With four facilities in Harbor City,
CA, McStarlite is a premier sheet metal specialist in the
forming of some of the largest, most complex sheet metal
components. It designs and manufactures cold deep draw and
bulge-formed aviation components, including segmented and single
piece lipskins, nozzles, complex sheet metal assemblies, and
tooling to support production hardware.
Commenting on the transaction, John
Basso, President, Chairman and CEO of McStarlite Co., stated
"We are excited to join a global leader that provides a strong
foundation for our continued growth. Standex's ownership offers us
the opportunity to leverage a much broader geographical and
industry presence, additional engineering expertise, complementary
product offerings, and enhanced customer relationships."
"With today's announcement, we have strengthened our competitive
advantage by adding both scale and additional capabilities to our
Engineering Technologies platform. The addition of McStarlite
furthers our portfolio strategy of building our growth business
segments into more significant platforms. We look forward to
welcoming the entire McStarlite team to our company," concluded
Dunbar.
McStarlite was advised by investment banking firm Janes Capital
Partners and Procopio, Cory, Hargreaves & Savitch LLP as legal
counsel.
About Standex
Standex International Corporation is a global multi-industry
manufacturer in five broad business segments: Electronics,
Engraving, Scientific, Engineering Technologies, and Specialty
Solutions with operations in the United
States, Europe,
Canada, Japan, Singapore, Mexico, Turkey, India, and China. For additional
information, visit the Company's website standex.com.
About McStarlite
Basmat, Inc. d/b/a McStarlite Co. ("McStarlite Co."),
founded in 1955, designs and manufactures segmented and single
piece lipskins, nozzles, complex sheet metal assemblies, and
tooling to support production hardware for products focused on
commercial aviation and military end markets. For additional
information, visit the Company's website at
http://www.mcstarlite.com.
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SOURCE Standex International Corporation
