Pegasus Manufacturing, headquartered in Middletown, has been acquired by a Missouri manufacturer.
Terms of the deal with Leggett & Platt Inc. were not disclosed.
Pegasus, founded in 1989, is a second generation family-owned aerospace manufacturing company specializing 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.
Leggett & Platt designs and produces engineered products found in most homes, offices and automobiles. The company is comprised of 17 business units, 20,000 employee-partners, and 130 manufacturing facilities located in 19 countries.
The transaction was led by Leggett & Platt’s Aerospace Products Group and complements its four other aerospace businesses: Western Pneumatic Tube Co (Washington), Valley Metals (California), David Hart Aerospace Pipes (UK) and Specitubes (France).
According to a statement from the company, Pegasus will continue to be managed by its president Chris DiPentima and the existing management team. The company has nearly 90 employees. “Operations will remain in Middletown and we expect to continue significant employment and revenue growth here,” DiPentima said.
He added, “We’ll now have the ability to realize the company’s full potential through the financial backing and synergies that come with a strategic Fortune 500 company who is aggressively growing its aerospace unit through organic growth as well as acquisitions.”
Carter Morse & Mathias served as Leggett & Platt’s exclusive financial advisor for the transaction.
