Permaswage, a designer and manufacturer of aerospace fluid fittings and a portfolio company of Bridgepoint, has been sold to Precision Castparts for $600 million in an all cash transaction. Bridgepoint acquired Permaswage in 2007.
Permaswage is an aerospace component supplier manufacturing permanent and separable couplings used to connect hydraulic, air, fuel or other tubing in all types of civil and military aircraft. Permaswage also supplies components used by utilities for electricity sub-stations. The company’s customers include Airbus and Boeing and four of the top five US utility companies. Permaswage has facilities in Los Angeles (headquarters), Paris and Suzhou (China) (www.permaswage.com).
Precision Castparts is a diversified manufacturer of complex metal components and products sold to the aerospace, power, and general industrial markets. Products include large investment castings, airfoil castings, forged components and fasteners for aerospace applications. Precision Castparts also 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. The company is headquartered in Portland, OR (www.precast.com).
Bridgepoint typically acquires businesses valued between €200 million and €1 billion in a range of sectors. The firm has offices in Frankfurt, Istanbul, London, Luxembourg, Madrid, Milan, Paris, Stockholm and a portfolio development office in Shanghai (www.bridgepoint.eu).
Lazard served as the exclusive financial advisor to Permaswage on this transaction.
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-28-13