GARDENA, California, June 27, 2013 /PRNewswire/ -- Permaswage Holding SAS (Permaswage), the world-leading designer and manufacturer of aerospace fluid fittings, an investment of the European private equity firm Bridgepoint, has been sold, subject to regulatory approvals, to Precision Castparts Corp. (PCC) (NYSE: PCP) in a $600 million, all cash, transaction.
Permaswage is the technology leader in the fluid fitting industry providing proprietary and standard components, tooling, and training to all major aerospace companies globally. Permaswage products can be found on virtually every major commercial and military aircraft program. Permaswage operates from manufacturing locations in Gardena CA, USA; Les Clayes-sous-Bois, France; and Suzhou, China, and employs 680 people worldwide.
"The acquisition of Permaswage by PCC provides our company, and all its employees, a very capable and resourceful new home," said Andrew Roberts, president and chief executive officer of Permaswage. He added, "Under the Bridgepoint ownership since 2007 the company has been allowed to develop and expand rapidly and I have every confidence that this will continue as we go forward under the PCC umbrella."
The company expects the transaction to be completed during the third quarter of 2013.
Advisers acting in this transaction on behalf of the company included: Lazard (exclusive financial advisor); KPMG (financial vendor assistance), CSP Associates (commercial vendor assistance), Clifford Chance (legal).
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Permaswage has designed and manufactured innovative products for over five decades for world aircraft manufacturers. It is the technology leader in the fluid fitting industry, providing proprietary and standard components, tooling, and training to all major aerospace companies globally. Permaswage operates integrated manufacturing facilities in Paris, Los Angeles and Suzhou (China) that are dedicated to safety, quality, on-time delivery, and technical support worldwide. Its components are present on all major commercial aircraft platforms worldwide.
About Precision Castparts Corp.
Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power, and general industrial markets. PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, forged components and highly engineered, critical fasteners for aerospace applications. The Company is also the leading producer of airfoil castings for the industrial gas turbine market. In addition, PCC manufactures extruded seamless pipe, fittings, forgings, and clad products for power generation and oil & gas applications; commercial and military airframe aerostructures; and metal alloys and other materials to the casting, forging, and other industries.
Bridgepoint is a European private equity firm focussing on the acquisition of companies valued up to €1 billion. With some €11 billion of capital raised to date, it typically focuses on acquiring well managed companies in attractive sectors with the potential to grow organically or through acquisition. It has offices throughout Europe in Frankfurt, Istanbul, London, Luxembourg, Madrid, Milan, Paris, Stockholm and a portfolio development office in Shanghai.