Houlihan Lokey Advises Applied Aerospace Structures Corporation

Houlihan Lokey is pleased to announce that Applied Aerospace Structures Corporation (AASC) has been acquired by Greenbriar Equity Group, LP (Greenbriar). The transaction closed on December 1, 2022.

Headquartered in Stockton, California, AASC is a leading provider of large-scale composite and metal-bonded structures and assemblies for commercial/military aircraft, spacecraft, and land and sea defense programs. AASC specializes in the design, fabrication, and testing of large and complex structural assemblies, ranging from geometrically complex fuel tank assemblies, winglets, or control surfaces to large-scale structures such as radomes, satellite bus and payload modules, and space launch vehicle structures. The company’s mission-critical and high-value structural assembly portfolio and investments in differentiated capabilities have resulted in sole-sourced positions with defense and space primes on priority programs.

Greenbriar is a middle-market private equity firm with more than 20 years of experience investing in market-leading services and manufacturing businesses. With more than $8 billion of cumulative capital commitments, its investment strategy targets businesses led by experienced management teams capitalizing on strong, long-term growth prospects that can benefit from Greenbriar’s deep sectoral expertise, strategic insight, and operating capabilities.

Houlihan Lokey served as the exclusive financial advisor to AASC and assisted in structuring and negotiating the transaction on behalf of the company. Houlihan Lokey’s Aerospace & Defense (A&D) practice within the global Industrials Group is a leading M&A advisor to aerospace and defense companies. Since 2020, the team has closed more than 50 transactions worth over $9 billion in enterprise value. With a staff of approximately 20 investment bankers in Washington, D.C., London, and Los Angeles, Houlihan Lokey’s A&D practice is among the largest dedicated industry banking groups worldwide. In 2021, the Industrials Group was once again ranked as the No. 1 M&A advisor for all U.S. industrial transactions, according to Refinitiv.*

*Excludes brokers.