Angeles Equity Partners, a Santa Monica-based private equity firm that recently sold off a lumber and building material business worth an estimated $1 billion, has acquired an aerospace and defense company.

Angeles Equity announced the purchase of Lakewood, Colo.-based Primus Aerospace Inc. on June 8.

The purchase is significant for Angeles Equity because it’s the firm’s first in the aerospace industry. Follow-on acquisitions, or tuck-ins, are expected.

“The investment in Primus aligns tightly with our firm’s strategy and capabilities and represents a compelling opportunity to partner with an incredibly talented team to consolidate the fragmented (aerospace, defense and space) precision components landscape,” said Sameer Patel, principal at Angeles Equity.

Read more/Source: Los Angeles Business Journal