CAI Funds and AeroEquity - Led Group Acquires TurboCombustor Technology, Inc.
Stuart, Florida - March 31, 2004 - An investment group led by CAI Funds, Inc. and AeroEquity, Inc. purchased substantially all of the assets of TurboCombustor Technology, Inc., ("TCT"), a wholly-owned subsidiary of Chromalloy Gas Turbine Corporation ("CGTC"), which in turn is a wholly-owned subsidiary of Sequa Corporation (SQA: NYSE).
TCT is an industry leader in the manufacture of highly engineered products for gas turbine engines that are used in commercial and military applications for aviation, marine, and land-based industrial markets. TCT's products are sold primarily to global aerospace OEMs that design and assemble gas turbine engines. The components that TCT manufactures are used in the 'hot' section of gas turbine engines, and include combustors, flame-holders, discharge nozzles, and other related parts. TCT currently employs 290 people at its primary manufacturing facility and headquarters at 3651 SE Commerce Avenue, Stuart, Florida 34997 and is headed by Stuart Shay and Louis J. Surette as Co-Presidents. "As Co- Presidents, we look forward to the opportunity that being affiliated with CAI Funds and AeroEquity brings to TCT."
CAI Funds, Inc. is a private equity fund led by experienced investors and operators who employ a flexible yet disciplined investment strategy. CAI Funds provide equity and equity-linked capital to middle-market companies that seek financing for management buyouts, leveraged buyouts, restructurings, recapitalizations, privatizations, acquisitions and expansions.
AeroEquity, Inc. is a private investment firm, based in Savannah, Georgia. Established in 1998, AeroEquity invests in aviation and aerospace related companies, in which it can help create long term value by providing management expertise, strategic vision and the financial resources required to succeed
For additional information please contact Louis Surette @ 772-781-7023.