Angeles Equity Partners, a Santa Monica-based private equity firm that recently sold off a lumber and building material business worth an estimated $1 billion, has acquired an aerospace and defense company.

Angeles Equity announced the purchase of Lakewood, Colo.-based Primus Aerospace Inc. on June 8.

The privately held company designs and manufactures complex assemblies for spacecraft, satellites and military applications.

Financial details of the transaction were not disclosed.

The purchase is significant for Angeles Equity because it’s the firm’s first in the aerospace industry. Follow-on acquisitions, or tuck-ins, are expected.

“The investment in Primus aligns tightly with our firm’s strategy and capabilities and represents a compelling opportunity to partner with an incredibly talented team to consolidate the fragmented (aerospace, defense and space) precision components landscape,” said Sameer Patel, principal at Angeles Equity.

Primus, which also has a machining factory in Golden, Colo., is a kind of one-stop shop that designs, fabricates and manufactures parts with exotic materials used in hypersonic flight.

The company’s alloys and materials, which are shaped into a single component instead of several, are built to withstand extreme temperatures and speeds up to 25 times the speed of sound.

Primus’ proficiency with exotic and hard metals has enabled it to manufacture highly complex, tight-tolerance parts and subassemblies for a number of aerospace and military giants.

Companies that rely on Primus include Chicago-based Boeing Co.; Reston, Va.-based General Dynamics Corp.; Melbourne, Fla.-based L3Harris Technologies Inc.; Bethesda, Md.-based Lockheed Martin Corp.; Falls Church, Va.-based Northrop Grumman Corp.; and Waltham, Mass.-based Raytheon Co.

Primus supports national security programs in the areas of hypersonics, heavy space launch, and low-Earth orbit satellite communications.

The move into the aerospace industry is a big change for Angeles Equity.

Last month, Angeles Equity and Santa Monica-based Clearlake Capital Group agreed to sell their lumber and building material business to US LBM Holdings.

US LBM’s purchase of American Construction Source creates the second-largest business in the specialized industry.

Angeles Equity and Clearlake created Springfield, Mo.-based American Construction Source with the goal of creating a leading national building materials distribution platform for custom homebuilders and repair and remodel contractors.

Since 2018, Angeles Equity and Clearlake have teamed for nine deals under the ACS name.

American Construction Source serves residential builders.