Market Overview

Graycliff Partners Announces Sale of Skandia


Graycliff Partners LP, an independent investment firm focused on lower
middle market private equity and mezzanine investments in the United
States, today announced that it has completed the sale of Skandia Inc.
("Skandia"), a leading interior products and services provider to the
aviation industry, to TransDigm Group Incorporated (NYSE:TDG) for a
total purchase price of $84 million. TransDigm, through its wholly owned
subsidiaries, is a leading global designer, producer and supplier of
highly engineered aircraft components for use on nearly all commercial
and military aircraft in service today.

Headquartered in Davis Junction, Illinois, Skandia is a leading provider
of highly engineered seating foam, foam fabrication, flammability
testing and acoustic solutions for the business jet market. Founded in
1983, Skandia has been a value-added supplier to business jet
manufacturers, airplane component manufacturers and modification centers
for over 30 years.

Since acquiring Skandia in 2012, Graycliff has worked with the company
to build a stellar team, identify growth opportunities, implement new
systems and streamline processes.

Will Henderson, a Managing Director at Graycliff Partners, said, "We at
Graycliff have greatly enjoyed working with the management team at
Skandia over the last six years. We are confident that Skandia will be a
positive addition to the TransDigm family of businesses and wish them
well for a successful future."

Houlihan Lokey served as exclusive financial advisor to Skandia.

About Graycliff Partners LP

Graycliff Partners is an investment firm focused on lower middle market
investments. Graycliff seeks to partner with companies led by strong,
entrepreneurial management teams, providing capital for acquisitions,
management buyouts, recapitalizations, growth and expansion. For more
information about Graycliff Partners visit

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