Cronus Partners Pleased to Announce Birken Manufacturing Company Financing

Dépèche transmise le 26 août 2009 par Business Wire

Cronus Partners Pleased to Announce Birken Manufacturing Company Financing

Cronus Partners Pleased to Announce Birken Manufacturing Company Financing

NORWALK, Conn.--(BUSINESS WIRE)--Cronus Partners LLC (“Cronus Partners”) is pleased to announce it acted as exclusive financial advisor to Birken Manufacturing Company, Inc. (“Birken”), a privately held aerospace component manufacturer, in a refinancing of the company’s debt. By securing a credit facility from Webster Business Credit, a division of Webster Bank, N.A., and an equipment lease facility from a leading independent lessor, the restructuring provided the company with additional funding capacity for future growth.

“This financing validates the lenders’ view of the strength of our company and the quality of services provided to our clients,” stated Gary S. Greenberg, Birken Chairman and Chief Executive Officer. “In addition, this transaction provides capital to fund our aggressive plans for continued growth, to facilitate our customers’ requirements, and to enhance our technical and manufacturing capabilities to meet the increasingly demanding requirements of the aerospace and defense industry.”

Jeffrey S. Rubin, Managing Director of Cronus Partners, added, “We have been delighted to work with Birken as its financial advisor and to be associated with such a high quality company and management team. We were pleased to be able to expand Birken’s credit availability given the current credit environment and look forward to helping the company achieve its goals of continued growth and industry leadership for the short and long term."

About Birken Manufacturing Company

Based in Bloomfield, CT, Birken is a rapidly growing, proven manufacturer of technically demanding, high tolerance aviation parts. The company manufactures highly complex, multiple dimensioned assemblies and components primarily for the aerospace jet engine business. Birken provides finished parts and fabrications from sheet metal, bar stock, castings and forgings. The company’s R & D department has helped design and produce prototypes for some of the largest aerospace engine companies in the industry. With a track record of over fifty years, Birken is well positioned as a supplier of choice and has the required production capabilities to secure an expanded role in the industry.

About Cronus Partners

Advising on mergers, acquisitions, divestitures, sales, and private placement financings, Cronus Partners is an independent investment banking firm that provides financial and strategic advisory services. The clients of the firm are publicly traded or privately owned companies that engage in middle-market transactions domestically or internationally. To learn more, please visit www.CronusPartners.com.

Business Wire

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