Business Wire

Norsk Titanium Announces Close of $25 Million Funding Round to Expand Aerospace Titanium Additive Manufacturing Operations

Del

Norsk Titanium AS, the world’s pioneering supplier of aerospace-grade, additive manufactured, structural titanium components today announced the successful close of its Q2 2016 funding round.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160630005387/en/

Financing round supports expanded Rapid Plasma Deposition capacity from MERKE IV machines capable of ...

Financing round supports expanded Rapid Plasma Deposition capacity from MERKE IV machines capable of 20 metric tons of aerospace-grade, structural titanium per year. (Photo: Business Wire)

Minneapolis-based investment bank Piper Jaffray led the round for Norsk Titanium to secure investment from institutional and strategic investors to provide financing for a rapidly expanding customer base, aerospace production part qualification programs, a U.S. expansion into New York State and key additions to the leadership team.

Highlights of the Q2 funding round include:

  • $10 million equity investment from Insight Equity Holdings LLC, a mid-market private equity firm
  • $10 million growth debt facility from Harbert European Growth Capital Fund I (HEGCF)
  • $5 million equity investment from a number of smaller investors

John Andersen, Jr., Chairman of the Board of Directors of Norsk Titanium stated, “We are delighted to announce the successful close of this round of funding. The Board of Norsk Titanium believes our current industrial-scale expansion strategy in the U.S. will create significant shareholder value and service the needs of our American aerospace and defense customers.”

“We are very excited about our investment in Norsk Titanium," said Victor Vescovo, Co-Founder & Managing Partner of Insight Equity. "As industry veterans in metal additive manufacturing and high-precision machining through Precision Holdings, we see enormous potential for Norsk's Rapid Plasma Deposition™ technology not just in titanium and in aircraft parts, but throughout a broader spectrum of other materials and industries in the future."

“We chose to invest in Norsk Titanium because their Rapid Plasma Deposition™ technology is heralded as one of the most disruptive processes in additive manufacturing and their strong management team makes it a real game-changer in a sector so often bereft of true innovation,” said Johan Kampe, Senior Managing Director at Harbert European Growth Capital Fund. “The growth potential of this company is beyond any doubt and we are very pleased to be part of its future; we intend to bring our close relationships within the technology sector to the fore.”

The $25 million funding round follows the inclusion in the 2016 New York State budget of $125 million to support the development of Norsk Titanium’s Plattsburgh, New York factory, which is part of Norsk’s proposed $1 billion, 10-year project in the state.

Norsk Titanium will have a major presence at the Farnborough International Airshow from July 11-15, 2016 in Hall 4, Booth A114, where it will exhibit a full-scale mock-up of the company’s patented MERKE IV™ Rapid Plasma Deposition™ machine that has been qualified at the world’s top echelon of aircraft manufacturers to produce structural titanium components.

About Norsk Titanium AS

Norsk Titanium AS is the world’s pioneering supplier of aerospace-grade, additive manufactured, structural titanium components. The company is distinguished in the aviation industry by its patented Rapid Plasma Deposition™ (RPD™) process that transforms titanium wire into complex components suitable for structural and safety-critical applications. The Norsk Titanium research and development team is committed to replacing today’s inefficient manufacturing processes with a precision wire deposition technology embodying substantial savings for aerospace, defense, and commercial applications. www.norsktitanium.com

About Piper Jaffray

Piper Jaffray Companies (NYSE: PJC) is an investment bank and asset management firm headquartered in Minneapolis with offices across the U.S. and in London, Zurich and Hong Kong. Securities brokerage and investment banking services are offered in the United States through Piper Jaffray & Co., member NYSE and SIPC, in Europe through Piper Jaffray Ltd., authorized and regulated by the Financial Conduct Authority, and in Hong Kong through Piper Jaffray Hong Kong, authorized and regulated by the Securities and Futures Commission. Asset management products and services are offered through three separate investment advisory affiliates registered with the U.S. Securities and Exchange Commission: Advisory Research Inc., Piper Jaffray Investment Management LLC and PJC Capital Partners LLC.

About Insight Equity

Insight Equity Holdings LLC (www.insightequity.com) makes controlling investments in strategically viable, middle market, asset intensive companies across a wide range of industries. Insight Equity specializes in partnering with companies in complex and challenging situations, including corporate divestitures, aggressive growth opportunities, restructurings, and transitions from private family ownership. The firm leverages a proven, collaborative value creation model to facilitate operating enhancements and growth. Insight Equity’s headquarters is located near the Dallas / Fort Worth International Airport in Southlake, Texas. The firm also has an office in New York City.

About Harbert European Growth Capital Fund I, L.P.

Harbert European Growth Capital Fund I, LP (HEGCF) finances high‐growth and innovative European companies, both private and publicly traded, and is actively seeking investment opportunities. Additional information about HEGCF can be found at www.harbert.net/investment-strategies/private-capital/european-growth-capital/. Harbert Management Corporation (HMC), an alternative asset management firm with approximately $4.3 billion in assets under management as of March 31, 2016, is a corner sponsor of the fund along with a number of institutional investors. HMC is a privately owned firm formed in 1993 to sponsor alternative asset investment funds. Additional information about HMC and HEGCF can be found at www.harbert.net

Contact information

Norsk Titanium AS
Chip Yates, VP of Marketing
+1-949-735-9463
media@norsktitanium.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

AMRA and BioTelemetry Research Raise the Standard for Medical Imaging in NASH/NAFLD Clinical Trials19.10.2017 16:04Pressemelding

AMRA, the international leader in body composition analysis, and BioTelemetry Research (“BTR”), a leading global imaging and cardiac core lab, announced today the formation of an exclusive alliance for non-alcoholic fatty liver disease (NAFLD) and non-alcoholic steatohepatitis (NASH) clinical trials. This first-to-market partnership will advance imaging science and benefit clinical trial sponsors in several musculoskeletal and metabolic therapeutic areas. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171019006110/en/ In clinical studies, muscle and fat fractions have traditionally been measured by scanning individual organs such as the liver, or particular body regions such as the abdomen. Commonly, researchers would prefer to scan the entire body in order to learn exactly where study participants are losing or gaining mu

AGCO Announces a New Data Connection with The Climate Corporation’s Climate FieldViewTM Digital Agriculture Platform19.10.2017 14:30Pressemelding

AGCO Corporation (NYSE:AGCO), a world-leading manufacturer and distributor of agricultural equipment, announced today a new digital partnership with The Climate Corporation, a subsidiary of Monsanto Company (NYSE:MON), that will provide AGCO customers the option to connect with The Climate Corporation’s Climate FieldView™ platform. AGCO’s partnership with The Climate Corporation is a product of Fuse and its open approach to agriculture, which focuses on helping customers optimize their farms through seamless technology integration and connectivity. “AGCO is excited to work with The Climate Corporation to give our customers yet another choice for Precision Ag solutions,” says Chris Rhodes, director Fuse Business Development. “The Climate FieldView platform is the world’s most broadly connected and adopted farm insight and visualization platform, and AGCO is pleased to be creating a tigh

Arrive Safely: Head to Tirendo and Equip Yourself Properly for Your First Winter19.10.2017 14:25Pressemelding

The days are getting shorter, and the thermometer is dropping. Especially for new drivers looking forward to their first winter behind the wheel, the sudden onset of snowy and icy roads can be a real challenge. Even more important, therefore, to make sure that you have the appropriate tyres for wintry driving conditions. Tirendo shares some tips on what this involves. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171019005888/en/ Head to Tirendo and equip yourself properly for your first winter - Photo source: ENZO In winter weather above all, the correct tread depth is crucial for safe driving. The legal minimum throughout Europe is 1.6 mm, however experts recommend at least 4 mm in snowy and icy conditions to ensure sufficient grip. To measure your tyre’s tread depth, simply take a two euro coin:

EURid Reveals the Nominees for The 2017 .eu Web Awards19.10.2017 13:48Pressemelding

EURid, the .eu and .ею registry, has released the nominees for its .eu Web Awards. The .eu Web Awards is an online competition, launched in 2014, where .eu and .ею websites can be nominated for a chance to win a prestigious award to be presented at a stunning ceremony in Brussels. “As with every iteration of the .eu Web Awards, we are so pleased and humbled to award our domain name holders’ online efforts. We are so grateful to have them in our community and want to show them the support they deserve”, commented Giovanni Seppia, EURid’s External Relations Manager. EURid is pleased to unveil this year’s final nominees, which represent the vast diversity and creativity that embodies Europe: The Leaders An established national business that is currently in operation and possesses multiple years of industry experience.

Andersen Tax Launches in Canada19.10.2017 13:30Pressemelding

Andersen Global is proud to announce the launch of the Andersen name in Canada as SdM Chartered Professional Accountants Inc. formally adopts the name Andersen Tax. SdM, a tax firm based in Montreal, Quebec, became a collaborating firm of Andersen Global in June of 2016 and has now formally joined the organization as a member firm under the name Andersen Tax. “We have been working with Simon and the team in Montreal for several years now, and I’m confident that together we will continue finding the best solutions for our clients,” said Global Chairman and CEO of Andersen Tax LLC, Mark Vorsatz. “Our shared name demonstrates the like-mindedness of our partners and the adoption of the Andersen name in Canada further strengthens our growing footprint in the region.” As Andersen Tax, the Canadian team will continue to provide tax, advisory and international tax services with an e

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom