Novaria
Fort Worth-based Novaria Group, a leading manufacturer of specialty hardware for the aerospace and defense industries, announced on Tuesday that it had reached an agreement to acquire Stroco Manufacturing, Inc.
Terms of the deal were not disclosed. The transaction is expected to close this month, according to a press release.
When it closes, the acquisition will be Novaria’s ninth since June 2020.
Founded in 1963, Stroco Manufacturing serves the defense and aerospace industries in both the military and commercial sectors. Its customers include Boeing, Lockheed Martin, Northrop Grumman, Bell Helicopter, and Gulfstream.
Stroco specializes in an array of product offerings, including small precision sheet metal and machined parts and assemblies.
“We are delighted to add Stroco as Novaria further bolsters its product and service offerings, specifically in the defense market,” says Novaria CEO Bryan Perkins in a statement. “Stroco’s products are complementary to several of our business units and enable us to offer more complete packages to customers. They are a respected name and growth supplier in the industry, making this deal an ideal fit. I’ve also known Kris for over a decade, and we’re excited to add him to our experienced management team.”
Stroco, based in Hazelwood, Missouri, near St. Louis, will continue operations under current owner Kris Welhart. KAL Capital, which provides aerospace and defense M&A advisory services, represented Stroco on the transaction.
“We take pride in exceptional delivery, quality products and excellent customer service,” Welhart says. “We know Novaria shares these values, and we are excited to enter into this partnership with an organization committed to maintaining these core values while at the same time providing the resources to begin the next phase of growth at Stroco.”