On November 25, 2019, it was revealed that private equity firm KKR, through its KKR Americas XII Fund, acquired Fort Worth, Texas-based Novaria Group from Dallas-based Rosewood Private Investments and Tailwind Advisors. Novaria Group is a manufacturer of specialty aerospace hardware founded in 2011 by its CEO Bryan Perkins and Earl Larkin. Earl Larkin and Bryan Perkins both worked in sales at Parker Hannifin. KKR got financing for the deal from KKR Capital Markets and RBC Capital Markets LLC.
KKR is betting big on the U.S. defense industry and aerospace engineered parts are part of that theme. U.S. President Trump has boosted military spending with the 2020 defense budget reaching US$738 billion, a 3% increase from the previous year.
KKR was advised in the transaction by Kirkland & Ellis LLP, Deloitte and AeroDynamic Advisory. Novaria Group was advised in the transaction by Lazard, Riveron, and Foley & Lardner LLP.