Trive Capital, a Dallas-based private equity firm, has made its latest move in aerospace and defense with an investment in Independent Forgings and Alloys (IFA), a UK-based manufacturer specializing in components for commercial aerospace engines and military defense systems.
The investment comes just weeks after the initial public offering of Trive-backed Karman Holdings (NYSE: KRMN), a defense and space systems manufacturer the PE firm formed in 2021.
IFA, headquartered in Sheffield, United Kingdom, will continue to be led by CEO Andy McGuinness as the company enters “its next phase of accelerated growth,” according to a news release from Trive. The company produces “safety-critical” forged components for global industries, including commercial aerospace, defense, and power generation.
“IFA’s unique solution has established the company as a top supplier of complex forged products with the agility and speed to solve challenges in the A&D supply chain,” said David Stinnett, partner at Trive Capital, in a statement. “We believe that the company’s integrated capabilities and ability to rapidly deliver highly engineered, multi-step components position IFA to fill the current lack of forging supply.”
Founded in 2001, IFA operates an integrated, single-site manufacturing facility specializing in open- and closed-die forging and ring rolling—processes that shape high-strength metal components for aerospace, defense, and industrial applications. The company also provides in-house machining, heat treatment, and testing capabilities.
IFA CEO McGuinness said the company chose Trive for its partnership-driven approach and proven ability to build standout aerospace and defense platforms that tackle key supply chain challenges. “IFA is excited to partner with Trive to enhance our capabilities and execute on several near- and long-term growth opportunities,” he said in the announcement.
Trive sells 9.7 million shares in Karmen IPO
Karman Holdings, the Trive-backed California-based defense and space maker, went public on February 13, raising about $506 million. Prior to the IPO, Trive owned a 67.7% stake in Karman. During the offering, the firm sold 9.7 million shares, generating $213.1 million, according to the Dallas Business Journal. Trive still holds a controlling interest, retaining approximately 56% of the company—a stake now valued at more than $2.2 billion, per the report.
Karman’s IPO initially valued the company at nearly $3 billion, according to Reuters, while the Dallas Business Journal later reported a valuation of approximately $4 billion.
Karman was created when Trive partnered with Aerospace Engineering Corp. and AMRO Fabricating Corporation in 2021, forming what it described at the time as “one of the largest independently owned suppliers dedicated to manufacturing complex systems for the space, missile, interceptor, and hypersonic markets.”
Trive Capital, which manages more than $8 billion in assets, invests in mid-sized companies it sees as having “transformation upside” through operational improvement, according to the firm.
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