Scoop: Levine Leichtman Selling Hackney Ladish

Levine Leichtman Capital Partners has agreed to sell Hackney Ladish, a portfolio company that makes steel pipe fittings used in the energy industry, to Precision Castparts Corp., a maker of metal components used in the aerospace and defense industry, according to a government filing, an investor in Levine Leichtman Capital and a release put out by Precision Castparts.

The Federal Trade Commission recently granted the parties early termination of antitrust review under the Hart-Scott-Rodino Act. And Portland, Ore.-based Precision Castparts issued a press release Nov. 17 announcing the acquisition, which it expects to close sometime this month, though the release does not mention who the seller is. Financial terms of the deal weren’t disclosed.

The company was still listed as a “current” investment on Levine Leichtman Capital’s Web site as of Dec. 9. Dwight Weber, a spokesman for Precision Castparts, said his company has done a number of deals in recent months and that “A lot of times with these deals the seller doesn’t want to be identified,” though he wasn’t sure if Levine Leichtman Capital requested its name not be released. Officials at Levine Leichtman Capital and Hackney Ladish did not return calls and e-mails requesting comment.

The limited partner, who asked to not be identified, declined comment other than to say the investment was “hugely successful.”

Read the rest of this story at here on the Buyouts website, where Bernard Vaughan is an associate editor.