ITT Inc. (“ITT”) has acquired Matrix Composites, Inc. (“Matrix Composites”), a specialty aerospace component manufacturer located on the Florida Space Coast with over two decades of experience specializing in the manufacture of precision composite components for next generation, high growth aircraft and aircraft engine platforms.

Matrix Composites, which is headquartered in Rockledge, Florida, USA, had 115 employees at the time of the acquisition and an estimated 2019 revenue of approximately $22 million.

The transaction, valued at $29 million, was funded from the company’s cash and is expected to be accretive in the first year. The transaction value includes an earnout and is subject to customary working capital adjustments.

The acquisition aligns with ITT’s growth strategy focused on enhancing its product portfolio with innovative, technologically differentiated businesses. Matrix Composites will expand ITT Connect and Control Technologies’ core aerospace product and technology capabilities.

EC M&A acted as the buy-side advisor to ITT on this transaction.