GOOSE CREEK, S.C. – A large steel fabrication company in Goose Creek has been acquired by a Washington, DC-based private equity firm.
Arlington Capital Partners announced Wednesday that it has purchased Pegasus Steel LLC, a leading provider of complex fabricated steel structures used for the construction of submarines, aircraft carriers and other naval and industrial systems.
Headquartered in Goose Creek, Pegasus encompasses approximately 350,000 square feet of manufacturing space. Tony Deering, Pegasus’ Founder & CEO, will continue to operate the Company along with the rest of the current management team after closing, according to Arlington.
“I am very proud of what the Pegasus team has achieved over the last 16 years. We refined a manufacturing process with a focus on quality, efficiency and meeting customer expectations. This transaction is occurring at an inflection point in Pegasus’ growth trajectory and provides the company with the institutional backing of an experienced defense investor with a track record of growing businesses,” Deering said in a news release.
“The partnership with Arlington offers the large capital base and corporate strategy advice Pegasus desires as it drives towards its goal of becoming the leading ‘tier one’ partner in the nuclear Navy supply chain,” he continued.
According to the private equity firm, Pegasus is a new platform for Arlington and specializes in fabricated structures and related assemblies primarily to the nuclear-shipbuilding community. The company addresses the U.S. Navy’s highest priority programs including, among others, the Columbia-class submarine, the Virginia-class submarine and the Ford-class aircraft carrier.
“Pegasus has earned a tremendous reputation in the nuclear submarine and aircraft carrier market for delivering high-quality fabrications on time and on schedule. With parts weighing in excess of 800,000 pounds and among the largest structures in the industry, Pegasus enables its customers to utilize its own shipyards more efficiently to meet the required increase in output that the national security community demands. We are excited to partner with Tony to build upon Pegasus’ impressive achievements,” said Peter Manos, a managing partner at Arlington.
Pegasus is located at 1 Alliance Drive in Goose Creek. To learn more about the company, visit https://www.pegasussteel.com/.
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