CHARLOTTE, N.C., May 31, 2023 /PRNewswire/ — Ten Oaks Group, a Charlotte-based family office specializing in corporate divestitures, has announced the successful sale of ASTECH Engineered Products. Established in 1947, ASTECH is the premier supplier of welded honeycomb metallic aerostructures to the global aerospace and defense industry. Under the strategic guidance of Ten Oaks Group and Executive Chairman David Richeson, ASTECH executed on the key carveout initiatives required to transform the business into a viable standalone operation following divestiture by its former corporate parent in 2022.
As part of its acquisition of the ASTECH business, the purchaser assumed ASTECH’s existing customer contracts with ITP Aero, Northrop Grumman, Pratt & Whitney and Spirit AeroSystems and entered into a new long-term supply agreement with The Boeing Company. This strategic acquisition promises continuity and stability for ASTECH’s customers and employees, who will continue to benefit from the substantial groundwork for the standalone business laid by Ten Oaks Group.
Ten Oaks Group is dedicated to identifying and acquiring non-core divisions of corporate sellers that no longer fit their parent company’s corporate strategy. Following acquisition, Ten Oaks Group leverages its experienced team of operating partners to manage the transition and separation process and implement operational strategies that reveal and optimize the underlying potential of each business. Each company within Ten Oaks Group operates independently under its own dedicated management team and receives management support services from Ten Oaks Management, LLC.
Ten Oaks Group was founded by Matt Magan and Mike Hahn and has closed 24 carveout transactions across 10 countries since inception.
SOURCE Ten Oaks Group
