- Evercore and BofA Securities acted as financial advisors to Sequa on the deal
- Chromalloy is a supplier of advanced repairs for jet engine parts
- Carlyle has $376 billion of assets under management as of June 30, 2022
Veritas Capital has agreed to acquire Palm Beach Gardens, Florida-based Sequa, the parent company of Chromalloy. The seller is Carlyle. No financial terms were disclosed.
Chromalloy is Sequa’s only remaining business, following the sale of its Precoat Metals business to AZZ Inc earlier this year.
“Chromalloy has emerged as an industry leader by leveraging technology and innovation to drive a highly unique value proposition for customers,” said Ramzi Musallam, CEO and managing partner of Veritas, in a statement. “We are thrilled to partner with Brian and the entire Chromalloy team, who have a proven track record of delivering differentiated solutions to the global engine ecosystem. Together, we are excited to continue investing in distinctive technology and deepening Chromalloy’s relationships with both existing and new customers.”
The transaction is expected to close in the fourth quarter of 2022.
Evercore and BofA Securities acted as financial advisors and Latham & Watkins LLP served as legal counsel to Sequa Corporation in connection with the transaction. Gibson, Dunn & Crutcher LLP and Covington & Burling LLP served as legal counsel to Veritas.
Chromalloy is a supplier of advanced repairs for jet engine parts.
Veritas invests in companies that provide critical products, software, and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide.
Carlyle has $376 billion of assets under management as of June 30, 2022.