Bridgepoint Sells Permaswage to Precision Castparts

Permaswage has been sold by Bridgepoint for $600 million to Precision Castparts Corp. Permaswage, which was acquired by Bridgepoint in 2007, is an aerospace component supplier manufacturing permanent and separable couplings used to connect hydraulic, air and other tubing in all types of civil and military aircraft.

PRESS RELEASE

Permaswage, the market leader in the manufacture of permanent and separable couplings for major aerospace companies globally, has been sold by Bridgepoint for $600 million to Precision Castparts Corp. of the US (‘PCC’).

Permaswage, which was acquired by European private equity firm Bridgepoint in 2007, is an aerospace component supplier manufacturing permanent and separable couplings used to connect hydraulic, air and other tubing in all types of civil and military aircraft. The company’s connectors operate in aircraft systems and currently fly on more than 100 aircraft types globally.

The business operates from three sites, in Gardena, California; Paris, France; and Suzhou, China; allowing it to serve the major aircraft manufacturers and includes Airbus and Boeing amongst its global customer base.

Under Bridgepoint ownership, the company invested in new equipment for its manufacturing operations, made two acquisitions in the adjacent separable hydraulic fittings market, opened a new manufacturing site in Suzhou in China, accelerated its R&D effort to launch new products and enhance the company’s IP. The company has won business rates on all new aerospace platforms (A320neo, A350, A380, B737 Max, B787, C919, F 35) thereby locking-in strong future earnings growth.

Bridgepoint will retain Permaswage’s power division, ‘DMC Power’, a separate business which supplies components for electricity sub-stations and transmission lines.

The transaction is subject to standard clearances and is scheduled to complete in Q3 2013.

Advisers acting in this transaction on behalf of Bridgepoint included: Lazard (exclusive financial advisor); KPMG (financial vendor assistance), CSP Associates (commercial vendor assistance), Clifford Chance (legal).

Ends

For further information:

James Murray
Bridgepoint
Tel: +44 207 432 3555 or cell +44 7802 259761
Email: james.murray@bridgepoint.eu

Paul Downes / Zinka Bozovic
College Hill
Tel: +44 207 457 2020 / +44 7769 255 380
Email: zinka.bozovic@collegehill.com
Notes to editors:

About Precision Castparts Corp.

Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power, and general industrial markets. PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, forged components and highly engineered, critical fasteners for aerospace applications. The Company is also the leading producer of airfoil castings for the industrial gas turbine market. In addition, PCC 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.

About Permaswage

Permaswage has designed and manufactured innovative products for over five decades for world aircraft manufacturers. It is the technology leader in the fluid fitting industry, providing proprietary and standard components, tooling, and training to all major aerospace companies globally. Permaswage operates integrated manufacturing facilities in Paris, Los Angeles and Suzhou (China) that are dedicated to safety, quality, on-time delivery, and technical support worldwide. Its components are present on all major commercial aircraft platforms worldwide.

About Bridgepoint

Bridgepoint is a European private equity firm focussing on the acquisition of companies valued up to €1 billion. With some €11 billion of capital raised to date, it typically focuses on acquiring well managed companies in attractive sectors with the potential to grow organically or through acquisition. It has offices throughout Europe in Frankfurt, Istanbul, London, Luxembourg, Madrid, Milan, Paris, Stockholm and a portfolio development office in Shanghai.