Washington, D.C.-based private equity firm Arlington Capital Partners has purchased Pegasus Steel, a provider of fabricated steel structures used for building nuclear submarines, aircraft carriers and other vessels for the U.S. Navy.
Tony Deering, founder and CEO of Pegasus Steel, and other members of the management team will continue to run the company as part of the transaction, Arlington said Wednesday.
“The partnership with Arlington offers the large capital base and corporate strategy advice Pegasus desires as it drives towards its goal of becoming the leading ‘tier one’ partner in the nuclear Navy supply chain,” said Deering.
Pegasus is based near Charleston, South Carolina, and has a manufacturing space of about 350,000 square feet. The company provides steel structures and related assemblies in support of the Navy’s programs, including the Virginia-class submarine, Ford-class aircraft carrier and Columbia-class submarine.
KippsDeSanto & Co. served as Pegasus Steel’s sole financial adviser in the transaction.
