AeroCision closes $40.2 million sale of assets to Cadence-Southwick

By Sarah Lizee

Olympia, Wash., Nov. 21 – AeroCision Parent, LLC closed the sale of its assets to winning bidder Cadence-Southwick, Inc. on Tuesday, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The purchase price was $40.2 million in cash and assumed liabilities, as previously reported.

Stalking horse bidder Citizens Bank, NA had been named backup bidder following an auction. The purchase price under the stalking horse agreement was a $40 million credit bid plus assumed liabilities.

There were no bid protections under the stalking horse agreement.

The Chester, Conn.-based company is a supplier of complex engine components and assemblies for the global aerospace industry. It filed bankruptcy on July 31 under Chapter 11 case number 23-11032.

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