Middle market investment firm Graycliff Partners has acquired a majority stake in Skandia Inc., a Davis Junction, Illinois-based provider of products and services for the aviation industry.
Acquisition financing was provided by East West Bank and Brookside Mezzanine Partners. The amount of the transactions remained undisclosed.
Founded in 1983, and led by Gary Palmer, President, the company makes products including foam used in business jet seats, and flammability testing services.
Customers include Skandia jet manufacturers, airplane component manufacturers and modification centers.
The investment is designed to help the company enter the next phase of growth and expansion.