Fortress backs aerospace components producer Norsk Titanium

The deal saw Fortress provide fresh capital to the business via its aerospace-dedicated investment company Triangle Holdings. The capital injection will allow the company to extend its Rapid Plasma Deposition capability into the commercial aerospace sector, including the sale of 3D-printed structural titanium components to Boeing. The company will also continue to develop its products.

Since its foundation in 2011, Triangle has injected $1.2bn into aerospace assets, the company said in a statement.

Previous funding
In June 2016, Norsk Titanium raised a $25m funding round arranged by listed investment bank Piper Jaffray Companies, including a $10m equity ticket provided by mid-cap buyout house Insight Equity, a $10m credit facility from Harbert Management Corporation through its Harbert European Growth Capital Fund I and $5m of equity injected by several undisclosed investors.

In July 2016, the company announced a $125m investment backed by the New York state, which it used to build its manufacturing plant in Plattsburg, near New York, employing 400 people.

More recently, the firm received an undisclosed investment from California-based Applied Ventures, the venture capital arm of US corporate Applied Materials.

Company
Headquartered in Hønefoss, Norway, Norsk Titanium produces structural titanium components for the aerospace, automotive, maritime and infrastructure industries. The business was founded in 2007 and currently employs 500 people.

People
Triangle Holding – Jeremy Barnes (partner).
Norsk Titanium – John Andersen (chair); Warren M Boley (CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• Industrials
• Nordics
• Norway