Consolidated Precision Products in Recapitalization
June 14, 2019
Cleary Gottlieb is representing Consolidated Precision Products Corp. (CPP) and Warburg Pincus LLC in connection with the recapitalization of CPP which was announced on June 14, 2019.
The parties to the recapitalization are CPP, Warburg Pincus, and Berkshire Partners LLC, a Boston-based private equity firm. The terms of the transaction were not disclosed. The transaction is expected to close in the second half of 2019, subject to customary closing conditions including regulatory approvals.
Cleary represented Warburg Pincus in its acquisition of CPP in 2011 and has since assisted CPP with its add-on acquisition of Selmet Inc. in 2018 and its pending acquisition of Pacific Cast Technologies Inc. signed on June 1, 2019.
CPP is a Cleveland, Ohio-based leading manufacturer of highly engineered components and subassemblies primarily for the commercial aerospace, defense, and industrial markets. It specializes in producing complex, mission-critical components for a variety of leading commercial and military aircraft and regional/business jets, as well as industrial gas turbines. CPP has long-standing relationships with a wide range of global, blue chip customers including General Electric, Honeywell, Pratt, and Whitney, and Lockheed Martin on platforms such as the Boeing 737, 777, and 787; Airbus A320, A340, and A380; and the F-35 Joint Strike Fighter.
For more information, please see the press release here.