AWC Advisors, LLC Advises Aluminum Precision Products on its Split-Off Transaction
AWC - American Working Capital

Team Contact Information:

Richard C. May

Bryce C. May

David C. Light

Daniel J. Christoffel

Jason S. Rosenthal


Christopher Mackin

W. Ian Laird


Richard Steingraber

Aluminum Precision Products Completes Split-Off Transaction

February 13, 2015

Aluminum Precision Products, Inc. (APP or the Company), headquartered in Santa Ana, California, announced the completion of a tax-free reorganization resulting in the spinout of its Catalina Cylinders operations into a separate entity, Catalina Cylinders, Inc. (CCI). CCI is owned in identical proportions as APP by the Keeler family and the newly-formed Catalina Cylinders Employee Stock Ownership Trust. AWC Advisors, LLC (AWC) was engaged by APP to design and implement this highly customized ESOP split-off transaction structure in order to singularly align the business strategy, management, and capitalization of each respective business. This transaction continued AWC’s longstanding relationship with APP having been the sole financial advisor to APP and its shareholders in its prior ESOP transactions.

AWC worked closely with APP’s other advisors including its external legal counsel, Edwin Schuck of the Schuck Law Group, in crafting this transaction. Given the complexity of this deal and the number of parties involved, AWC was pleased to work with an experienced set of counterparties comprising some of the most established providers in the ESOP transaction industry. Advisors included: Vedder Price and Stout Risius Ross, Inc. representing GreatBanc Trust Company, as Trustee of Aluminum Precision Products, Inc. ESOP. K&L Gates LLP and ComStock Advisors representing First Bankers Trust Services, Inc., as Trustee of Catalina Cylinders, Inc. ESOP. The transaction included funding by JP Morgan Chase who was represented by Morgan, Lewis & Bockius LLP and Bank of the West who was represented by Allen Matkins Leck Gamble Mallory & Natsis LLP.

“Fundamentally, each of our respective divisions’ products, manufacturing, suppliers, markets and customers are all very different. We tasked AWC with designing a transaction structure that would allow the management group of each business to focus on the operating, capital and financial needs of their respective businesses so that each business’ ESOP would benefit from the success of its own sponsored business. During the last few years, we have worked exclusively with AWC to accomplish a multitude of objectives through a series of complex transactions. We are thrilled with the outcomes of their work and view them as a critical component of our long-term business and ownership successions strategy” stated Gregory S. Keeler, APP’s CEO.

Richard C. May, a founder of AWC Advisors, commented “We have come to know and respect the APP management and ownership team deeply during the last five years. We’ve always been impressed with their business vision and commitment to an ownership structure that rewards the men and women who continue to contribute to APP’s position as a world-class company. We appreciate the opportunity to have worked with everyone involved.”

About Aluminum Precision Products, Inc.

APP was formed in 1965 and has been led by Gregory S. Keeler and Roark L. Keeler since 2009. APP is a leading producer and manufacturer of aluminum and titanium conventional and precision forgings, assemblies, open-die (hand) forgings and impact extrusions, with seven plants located in California and Virginia. APP provides aluminum forgings for the aerospace and automotive and motorcycle after-market parts industries. CCI is a leading producer and manufacturer of aluminum compressed gas cylinders for the SCUBA, beverage, medical, transportation and industrial applications industries APP and CCI are headquartered in Santa Ana, California, and they employ on a combined basis approximately 900 active employees.


About AWC Advisors

AWC Advisors, LLC is the advisory arm of American Working Capital, a merchant banking firm headquartered in Chicago, with additional offices in New York, Boston and Atlanta. With over 150 years of collective experience, AWC Advisors’ investment professionals have worked with hundreds of owners and management teams running businesses at critical inflection points in terms of their ownership, growth and strategic development. AWC Advisors has extensive experience in transactions and investments involving broader-based employee ownership or ESOPs and has been at the forefront of some the most innovative and successful management/employee-led buy-out and recapitalization transactions to date. The firm is owned and managed by a group of experienced financial and management professionals with extensive experience working with privately held businesses, their owners and management teams. 

For more information on AWC Advisors, LLC or American Working Capital please visit   or contact us directly via either: Bryce May at 312-244-6955; or Dan Christoffel at 312-244-6953;