The Carlyle Group announced that its portfolio company Dynamic Precision Group has signed an agreement to acquire eight aerospace component fabrication and machining facilities located on three sites in the US, Canada and the UK, which design, manufacture and integrate components and systems for aircraft engines and airframes from Unison Engine Components, a subsidiary of GE Aviation. The transaction is expected to close by year end.
The acquired facilities provide precision manufacturing capabilities for commercial, military and gas turbine engine components to a blue-chip customer base worldwide. The sites, which employ 825 people, are located in Manchester, CT; Burnley, Lancashire, UK; and Orillia, Ontario, Canada.
Dynamic Precision Group is a manufacturer of complex components, specializing in the combustion, or “hot section,” of turbine engines used in commercial and military aviation as well as industrial gas turbine applications. DPG’s core capabilities include laser services, air flow measurement, thermal coatings, electrical discharge machining, precision machining and TCT Blast™. The company is based in Stuart, FL (www.gotodpg.com).
“We are impressed with the diverse capabilities and product portfolio these businesses will add to Dynamic Precision Group. This transaction will substantially contribute to our goal of building a well-capitalized, highly capable supplier to the aero engine market,” said Adam Palmer, Managing Director and Head of Carlyle’s Global Aerospace, Defense and Government Services team.
The Carlyle Group invests in buyouts, growth capital, real estate and leveraged finance in Africa, Asia, Australia, Europe, North America and South America focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, technology & business services and telecommunications & media. The Carlyle Group employs 1,400 people in 34 offices across six continents and is based in Washington, DC (www.carlyle.com).
Acquisition financing was led by RBC Capital Markets and Deutsche Bank. Dynamic Precision Group and Carlyle were advised by Latham & Watkins and PricewaterhouseCoopers.
© 2013 PEPD • Private Equity’s Leading News Magazine • 9-5-13
