Capital Buys Forge
H.I.G. Capital Finalizes Acquisition of Premier Forge Group, Expanding Aerospace & Defense Component Production
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H.I.G. Capital, a Miami-based investment firm managing $75 billion in assets, has completed its acquisition of Premier Forge Group (PFG), a maker of complex forged metal parts for aerospace and defense. PR Newswire announced the deal on June 29, 2026. Financial terms were not disclosed.
PFG makes closed-die, upset, and rolled-ring forgings — a process that shapes metal under extreme pressure to create strong, precise parts. Its customers include leading aerospace original equipment manufacturers (OEMs). H.I.G. says it plans to invest in PFG's people, operations, and customer relationships to support next-generation defense and aerospace programs, according to Newswire.
What Premier Forge Group Actually Makes and Does
PFG specializes in mission-critical forged components — parts that cannot fail. It serves demanding programs like the Boeing 777X and F-35 fighter jet, which require heat-resistant, corrosion-proof alloys. The company runs three facilities: its headquarters in Portland, Indiana; a plant in Azusa, California; and a site in Lebanon, Kentucky.
PFG was formed in June 2019 when private equity firm Wynnchurch Capital carved it out of Allegheny Technologies Inc. (ATI). Wynnchurch then expanded PFG in January 2020 by acquiring California Amforge Corporation in Azusa. H.I.G. is now the second private equity owner to take the helm, according to Market Screener.
H.I.G. Is Building a Full Aerospace Supply Chain
This deal is not a standalone bet. H.I.G. acquired Segers, a C-130 aircraft maintenance and repair provider, in April 2024. Then in May 2026, it bought International Aerospace Coatings (IAC), a leading aircraft painting firm. Adding PFG's forging capabilities gives H.I.G. a chain that spans metal parts, coatings, and engine maintenance, according to Stock Titan.
Anthony Chambers, H.I.G. Managing Director, said PFG is a "trusted supplier of mission-critical forged components" and that H.I.G. aims to "strengthen the domestic industrial base." PFG CEO Timm Fields called the deal "an exciting new chapter" and pointed to H.I.G.'s "significant capital and operational resources" as key to growing the business.
A Red-Hot Defense Market Is Driving PE Interest
Private equity investment in aerospace and defense hit a record $17.7 billion in 2025 — more than double the 2023 level. A global backlog of over 17,000 undelivered aircraft from Airbus and Boeing has put enormous pressure on parts suppliers like PFG. High-precision forging is a primary bottleneck for key engines like the LEAP and GE9X, according to Yahoo Finance.
Supply chain disruptions are expected to cost the aerospace industry over $11 billion in 2026 alone. That pressure makes companies like PFG — which hold rare OEM certifications and operate specialized equipment — extremely valuable and hard to replace quickly.
Critics Raise Flags Over PE Control of Defense Suppliers
Not everyone is cheering. On May 27, 2026, the Senate Banking Committee, led by Senator Elizabeth Warren, sent a formal letter to the Secretary of Defense. The letter raised concern over private equity firms buying into the Pentagon's supply chain, questioning whether PE ownership raises bankruptcy risk or lowers quality at defense contractors.
RapidRatings also warned in May 2026 that financial stress among defense suppliers has risen from 17.6% to 20.3%, driven by global instability. H.I.G. itself has faced past criticism over governance issues across its portfolio. The firm's challenge will be maintaining safety-first standards in aerospace forging while delivering the returns private equity investors expect, according to Market Screener.
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