SALEM, N.H., Feb. 5, 2025 /PRNewswire/ -- Standex International Corporation (NYSE:SXI) today announced that it has acquired privately-held, California-based McStarlite Co., a leading provider of complex sheet metal aerospace components, for approximately $56.5 million in cash, financed from Standex's existing revolver. In its first year of ownership, the Company expects the acquisition to be accretive to its earnings. McStarlite Co. will be reported as part of Standex's Engineering Technologies Group business segment. In calendar year 2024, McStarlite revenue was approximately $33 million with an adjusted EBITDA margin above 20%.
"We are very pleased to have acquired McStarlite, a great strategic fit, expanding our product breadth and forming capabilities in commercial aviation, space and defense applications. Its customer base, product line and technologies are highly complementary to our existing Spincraft business with the potential to capitalize on technical exchanges and cross selling opportunities. McStarlite also brings a strong engineering and customer-focused team that aligns with Standex's commitment to customer intimacy," commented President and Chief Executive Officer David Dunbar.
With four facilities in Harbor City, CA, McStarlite is a premier sheet metal specialist in the forming of some of the largest, most complex sheet metal components. It designs and manufactures cold deep draw and bulge-formed aviation components, including segmented and single piece lipskins, nozzles, complex sheet metal assemblies, and tooling to support production hardware.
Commenting on the transaction, John Basso, President, Chairman and CEO of McStarlite Co., stated "We are excited to join a global leader that provides a strong foundation for our continued growth. Standex's ownership offers us the opportunity to leverage a much broader geographical and industry presence, additional engineering expertise, complementary product offerings, and enhanced customer relationships."
"With today's announcement, we have strengthened our competitive advantage by adding both scale and additional capabilities to our Engineering Technologies platform. The addition of McStarlite furthers our portfolio strategy of building our growth business segments into more significant platforms. We look forward to welcoming the entire McStarlite team to our company," concluded Dunbar.
McStarlite was advised by investment banking firm Janes Capital Partners and Procopio, Cory, Hargreaves & Savitch LLP as legal counsel.
About Standex
Standex International Corporation is a global multi-industry manufacturer in five broad business segments: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions with operations in the United States, Europe, Canada, Japan, Singapore, Mexico, Turkey, India, and China. For additional information, visit the Company's website standex.com.
About McStarlite
Basmat, Inc. d/b/a McStarlite Co. ("McStarlite Co."), founded in 1955, designs and manufactures segmented and single piece lipskins, nozzles, complex sheet metal assemblies, and tooling to support production hardware for products focused on commercial aviation and military end markets. For additional information, visit the Company's website at http://www.mcstarlite.com.
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SOURCE Standex International Corporation