June 2019Consolidated Precision Products Corp. Announces Recapitalization with Berkshire Partners and Warburg Pincus
CLEVELAND, June 14, 2019 /PRNewswire/ -- Consolidated Precision Products Corp. ("CPP"), a leading manufacturer of highly engineered components and sub-assemblies primarily for the commercial aerospace, defense and industrial gas turbine markets, today announced that it has entered into a recapitalization transaction with Berkshire Partners, a Boston-based investment firm, and Warburg Pincus, the company's current financial partner. Terms of the transaction were not disclosed.
As a leading global manufacturer of complex cast products, CPP continues to drive performance through a combination of organic growth and strategic acquisitions, including the recently announced purchase of ATI's Cast Products business.
"We are excited to continue expanding our suite of complex castings offerings and delivering best-in-class service in collaboration with Berkshire Partners and Warburg Pincus," said James Stewart, Chief Executive Officer of CPP. "Our new relationship with Berkshire Partners and ongoing partnership with Warburg Pincus will enable us to further build upon the success we have achieved. Both firms are growth-oriented and have deep expertise in the aerospace and defense sectors."
The investments from Berkshire Partners and Warburg Pincus will further support CPP's long-term growth strategy and reflect the company's dedication to enhancing its comprehensive capabilities for manufacturing highly engineered components for aerospace and defense applications.
"We are impressed by the remarkable growth driven by the CPP team and believe the company is well-positioned to continue its leadership in precision castings," said Blake Gottesman, Managing Director, Berkshire Partners. "We have a long history of investing in the aerospace industry, and we look forward to partnering with Warburg Pincus and the talented CPP team to support its growth and success," added Mike Ascione, Managing Director, Berkshire Partners.
"We are delighted to continue our long-standing partnership with CPP's management team," said Dan Zamlong, Managing Director, Warburg Pincus. "CPP's long-term commitment to building a market-leading platform in the aerospace and defense markets has proven to be successful. We are excited to partner with Berkshire Partners and the management team as CPP continues to deliver high-quality, mission-critical products for its customers."
Morgan Stanley & Co. LLC and Lazard served as financial advisors to CPP. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to CPP and Warburg Pincus. Weil, Gotshal & Manges LLP served as legal advisor to Berkshire Partners.
About Consolidated Precision Products Corp. (CPP)
Consolidated Precision Products Corp. ("CPP"), headquartered in Cleveland, OH, is a leading manufacturer of highly-engineered castings and sub-assemblies primarily for the commercial aerospace, defense and industrial gas turbine markets. Founded in 1991, CPP is one of the world's largest investment and precision sand casting companies, producing complex super alloy, aluminum, titanium, magnesium and steel castings for a variety of leading commercial and military aircraft, weapon systems, commercial and regional/business jets, helicopters and industrial gas turbines. CPP serves a wide range of global, blue chip customers with diverse exposure across multiple platforms. For more information about CPP, visit www.cppcorp.com.
Source: PR Newswire
Title: Consolidated Precision Products Corp. Announces Recapitalization with Berkshire Partners and Warburg Pincus
Date Published: June 14, 2019
Date Accessed: June 14, 2019