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CapX Partners Provides $5.25MM to PCX Aerostructures

August 10, 2016, 07:25 AM
Filed Under: Aerospace

CapX Partners (CapX) announced the closing of a $5.25 million lease line of credit to PCX Aerostructures. PCX Aerostructures (“PCX”) is a world-class supplier of highly engineered, precision, flight critical and structural assemblies for rotorcraft and fixed wing aerospace platforms. The company serves defense and commercial markets, as well as the power generation industry.  RFE Investment Partners (“RFE”), 24/6 Capital Partners, and PCX Management acquired PCX in 2014, infused new management talent, and made an add-on acquisition to grow and diversify the business. PCX is well positioned to grow its military business as deferred maintenance has created a shortage of key parts. In addition, PCX is seeing growth in its commercial business which is experiencing strong demand across the board. 

PCX has been experiencing meaningful growth and built a significant backlog of business, and as a result, needs to invest in new capital assets to increase capacity and efficiencies.  PCX turned to CapX for a $5.25 million lease line of credit to fund the acquisition of several CNC machines at its Newington, CT plant.  By using CapX’s equipment lease product featuring 100% asset advance rates, PCX preserved liquidity with its bank group and diversified its funding sources.

Mike Rubel of RFE comments,  “We reached out to CapX Partners for credit support with our equipment needs.  CapX responded quickly with an attractive lease line that will allow us to acquire the necessary equipment and meet our delivery dates.  We appreciate CapX’s equipment knowledge and quick turn-around and look forward to building upon this relationship going forward.”

Steve Healey, Managing Director at CapX:  “Known in the industry as a manufacturer of complex parts with tight tolerances, PCX has long term relationships with blue chip customers.  We were delighted to step in with our capital in support of RFE and PCX as the company pursues its growth strategy.  We look forward to increasing our support to PCX for future growth needs.”  

Founded in 1999, CapX Partners is a specialty finance company that focuses on private equity and venture backed portfolio companies looking for debt financing in the $2¬$20 million range. CapX provides senior and mezzanine debt including lease lines and favors manufacturing, distribution, technology, energy and healthcare industries with an emphasis on revenue producing fixed assets.

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