Oak Hill Capital Partners has signed an agreement to sell Primus International (Primus), a global manufacturer of aerospace components, to Precision Castparts Corp for USD900 million.
Headquartered in Bellevue, Washington, Primus is a leading supplier of highly engineered metallic and composite parts, kits and assemblies to the aerospace industry, serving many of the world’s most recognisable aerospace companies.
With facilities in North America, Asia and Europe, Primus’ strong manufacturing capabilities enable it to grow its relationships with leading customers globally.
"Since our acquisition of Primus in 2006, we have worked closely with Jim Hoover, CEO of Primus, and the entire management team to grow the company into a premier aerospace supplier. By investing in new capabilities, technologies and a unique global manufacturing operation, we have successfully built Primus into a strategic supplier for the world’s best aerospace companies. We at Oak Hill Capital are pleased with the value we have built over the past five years to the significant benefit of the company, its customers, its employees and our investors," says Michael J Warren, a Principal of Oak Hill Capital.
Hoover says: "We are very proud of everything we have achieved with Oak Hill Capital in the last five years. We successfully navigated a severe recession, completed three strategic acquisitions and added great talent to our management team.
"Working closely with the Oak Hill Capital team, we expanded our manufacturing capabilities, implemented meaningful financial and operational changes, grew relationships with existing customers and won the confidence of new strategic customers. We have positioned Primus for significant future growth which we expect to build on under PCC’s ownership."
The transaction is expected to close in the third quarter of 2011.
Paul, Weiss, Rifkind, Wharton & Garrison acted as legal advisor to Oak Hill Capital.
