Birmingham-based Soaring Pine Capital, a Simon Group Holdings company, today announced it has acquired ETI Tech Inc. in Dayton, Ohio.
Founded in 1996, ETI is a leading provider of more than 200 flight hardware parts for military aircraft and ground support equipment for the aerospace defense industry, including fixed and rotary wing aircrafts and unmanned aerial vehicles such as the F-35, C-130, F-16, and C-5B.
As part of the deal, aerospace industry executives Bill McLendon and Jeff Hartman, who were named president and CEO, and executive vice president and CFO, respectively, will lead ETI, while Sam Simon, principal of Simon Group Holdings, which includes Atlas Oil Co. in Taylor, is chairman.
"We're thrilled to partner with Soaring Pine Capital and Sam Simon. ETI is a greatly admired and valued supplier to the manufacturers of military aircraft and directly to the Department of Defense,” says McLendon. “Jeff and I look forward to bringing our extensive military and aerospace experience to this tremendous company to help it grow exponentially.”
Simon says McLendon’s experience as an officer in the United States Air Force and in the aerospace industry makes him uniquely qualified to lead ETI Tech. Simon adds that he’s confident the company will grow while “maintaining the exceptional quality, on-time delivery, and customer commitment ETI is known for.”
Through the acquisition, SPC, Wells Fargo, Comerica Bank, and McLendon and Hartman formed ETI Mission Controls, with the goal of growing a platform of related aerospace partner companies. Current president and CEO Mark Sargent will remain with the company for a period of time to aid with the transition.
Simon Group Holdings was founded in 1985 and has interests in comprehensive energy solutions, fuel supply, oil field services, logistics and transportation, real estate investment, private equity, technology services, and turnkey modular solutions.