Norsk Titanium Announces Close of $25 Million Funding Round to Expand Aerospace Titanium Additive Manufacturing Operations
30.6.2016 13:00 | Business Wire
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 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
Norsk Titanium AS
Chip Yates, VP of Marketing
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