Warburg to Buy Selmet from Blue Point

Consolidated Precision Products (CPP), a portfolio company of Warburg Pincus, has agreed to acquire Selmet, a portfolio company of Blue Point Capital Partners since November 2011. CPP was acquired by Warburg Pincus in October 2011.

Selmet is a manufacturer of complex, small to medium-sized titanium investment castings serving the aerospace and defense industries. Utilizing a centrifugal casting process, Selmet produces more than five hundred titanium parts including engine components, torque plates for landing gear, bearing housings and other airframe components.

Selmet is one of four primary suppliers of titanium aerospace and defense castings in the United States. The company was founded in 1983 and is based south of Portland in Albany, OR (www.selmetinc.com).

Consolidated Precision Products is a manufacturer of components and sub-assemblies for the commercial aerospace and defense markets. Founded in 1991, the company is one of the world’s largest investment and precision sand casting companies, producing complex super alloy, aluminum, magnesium and steel components for a wide variety of commercial and military aircraft, weapon systems, regional/business jets and helicopters. The company serves a range of global, blue chip customers including, Boeing, Airbus, Hamilton Sundstrand, General Electric, Honeywell, Pratt and Whitney, and Lockheed Martin. CPP is headquartered in Cleveland, OH (www.cppcorp.com).

With the acquisition of Selmet, CPP will expand its product line to include titanium castings. Selmet’s current management team will remain upon closing of the transaction. “We have long admired Selmet’s world-class technical capabilities, longstanding customer relationships, strong management team and track record of growth,” said James Stewart, Chief Executive Officer of CPP. “This highly complementary acquisition will round out our product offering to include titanium castings, enabling us to meet the strong demand from customers seeking advanced titanium content for next-generation platforms.”

“We believe the combination of CPP and Selmet’s products creates a highly attractive and comprehensive platform for CPP’s customers in the aerospace and defense industries,” said Dan Zamlong, Managing Director, Warburg Pincus. “We look forward to continuing to support CPP and its future growth.”

Warburg Pincus has more than $45 billion in assets under management and has raised 16 private equity funds since its founding in 1966. In November 2015, the firm reached a final close of Warburg Pincus Private Equity XII LP at the hard cap of $12 billion. Warburg Pincus is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore (www.warburgpincus.com).

Blue Point, the seller of Selmet, is a lower middle market private equity firm that invests in manufacturing, distribution and service businesses that have from $20 million to $200 million in revenue and EBITDA greater than $5 million. The firm has over $800 million in committed capital and has offices in Cleveland, Charlotte, Seattle, and Shanghai (www.bluepointcapital.com).

© 2018 Private Equity Professional | July 6, 2018

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