Wingspan Capital Partners (USA; 5251R9N7; website), a private equity investment firm, has acquired Aetna Bearing Company (website) for its portfolio of manufacturing businesses.

Founded in 1917, Aetna primarily manufactures and distributes a wide variety of specialty bearings and mechanical components with integral bearings -- pulleys, gears, idler wheels, idler sprockets, and related items. Applications include agricultural and industrial equipment, and the automotive aftermarket.

Historically, Aetna has been best known for its line of thrust bearings and clutch release bearings for the automotive and truck replacement market, along with release bearings for agricultural equipment.

Wingspan said it acquired Aetna to leverage another Wingspan company, Bitzer Products (website). Bitzer manufactures a complimentary line of high precision mechanical components such as shafts and gears, and hydraulic components such as spool valves, primarily from bar.

Many Bitzer Products items incorporate antifriction bearings and components, which Wingspan hopes will eventually be sourced from Aetna or benefit from Aetna's expertise -- resulting in both manufacturing and supply synergies.

Bitzer Products CEO, Daniel Fuhrman, will also take over running Aetna Bearing.

Although Wingspan credits Mr. Fuhrman with bringing the Aetna deal to Wingspan, the situation is a bit more convoluted.

Wingspan has also brought Jim Trauscht back as President and General Manager. Mr. Trauscht had been General Manager when he left Aetna in October 2008 and was replaced by Dave Crook. With the new owhership, Mr. Trauscht is back on board -- displacing Mr. Crook, who has left the company.