CD&R and Greenbriar acquire Whitcraft Group and Paradigm Precision to form Pursuit Aerospace

• Doug Folsom is a former Whitcraft CEO who will serve as CEO of Pursuit
• CD&R targets the commercial services, B2C, consumer durables, non-durables, retail, healthcare, industrial, and technology sectors based in North America and Europe
• Greenbriar invests in middle-market businesses

Clayton, Dubilier & Rice and Greenbriar Equity Group have acquired and merged Whitcraft Group and Paradigm Precision, forming a new company called Pursuit Aerospace. No financial terms were disclosed.

Pursuit is a maker of components used in commercial and military aircraft engines.

Doug Folsom is a former Whitcraft CEO is serving as CEO of Pursuit. Also, Ray Conner, former president and CEO of Boeing Commercial Airplane, has been named chairman of Pursuit’s board of directors.

“Combining Whitcraft and Paradigm’s strong cultures and customer service orientation will help drive operating improvements at Pursuit to benefit our customers in the commercial and military aviation industry at large. I’m thrilled that Doug will be leading Pursuit and I am confident that he will drive excellence across the organization,” said Conner, in a statement. “I also want to thank Steve Croke for his strong leadership as CEO of Paradigm and thoughtful engagement and counsel during the transition. Steve has built an exemplary team at Paradigm, and we owe much of the success of this combination to his skill and efforts.”

Based in New York, CD&R targets the commercial services, B2C, consumer durables, non-durables, retail, healthcare, industrial, and technology sectors based in North America and Europe.

Founded in 1999, the Greenwich, Connecticut-based Greenbriar invests in middle-market businesses.