POMONA, Calif., Sept. 12, 2011 /PRNewswire/ -- Consolidated Precisions Products Corp. ("CPP") today announced that it intends to recapitalize the company. Warburg Pincus, a leading global private equity firm, in partnership with the company's existing management team, has reached a definitive agreement with the company's current financial sponsor, Arlington Capital Partners, a Washington, DC based private equity firm. Headquartered in Pomona, California, CPP is a leading manufacturer of highly-engineered castings serving the commercial aerospace, military and industrial markets. Terms of the transaction were not disclosed and it is expected to close in the fourth quarter of 2011.
"We are excited to continue our evolution as a premier supplier of highly engineered aerospace and defense components and believe Warburg Pincus is an ideal partner for CPP's growth and expansion in the coming years," said Steve Clodfelter, Chief Executive Officer and President, CPP. "Warburg Pincus has deep domain expertise in aerospace and defense as well as a known track record of strengthening the global platforms of its portfolio companies."
Peter Manos, a Managing Partner at Arlington Capital Partners, said "We are pleased with the outcome of our investment in CPP and appreciate the management team's hard work over the last three years. We wish the CPP team continued success in the future."
Michael Graff, Managing Director, Warburg Pincus said, "In CPP, we are pleased to be partnering with an outstanding management team led by CEO Steve Clodfelter and COO Ali Ghavami. Building on CPP's long-standing customer relationships, exceptional technical capability and customer service, we believe the company is well positioned for continued growth."
About Consolidated Precisions Products Corp. (CPP):
Consolidated Precision Products Corp. ("CPP"), headquartered in Pomona, California, is a leading manufacturer of highly-engineered components and sub-assemblies for the commercial aerospace and defense markets. Founded in 1991, CPP is one of the world's largest investment and precision sand casting companies, producing complex super alloy, aluminum, magnesium and steel components for a wide variety of leading commercial and military aircraft, weapon systems, regional/business jets and helicopters. The Company serves a wide range of global, blue chip customers including, Boeing, Airbus, Hamilton Sundstrand, General Electric, Honeywell, Pratt and Whitney, and Lockheed Martin on platforms such as the 737, 777, 787, A320, A340, F-35 Joint Strike Fighter, F-22 Raptor, Apache, V-22. For more information about CPP, visit www.cppcorp.com.
About Arlington Capital:
Arlington Capital Partners is a Washington, DC-based private equity fund with over $1.4 billion of committed capital focused on middle market investment opportunities in growth industries including: aerospace/defense, healthcare services, government contracting, education & training, and business services. The firm's professionals have a unique combination of operating and private equity experience that enables Arlington to be a value-added investor. Arlington invests in companies in partnership with high quality management teams that are motivated to establish and/or advance their company's position as leading competitors in their field.
About Warburg Pincus:
Warburg Pincus is a leading global private equity firm. The firm has more than $30 billion in assets under management. Its active portfolio of more than 125 companies is highly diversified by stage, sector and geography. Warburg Pincus is a growth investor and an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 13 private equity funds which have invested more than $35 billion in over 650 companies in more than 30 countries.
The firm is an active investor in the industrial, aerospace and defense sectors. Over the past eight years, former and current aerospace and defense related investments have included TransDigm Group Inc., CAMP, Extant Components Group, QuEST Global Services and Survitec.
The firm is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mauritius, Mumbai, San Francisco, Sao Paulo and Shanghai. For more information, please visit www.warburgpincus.com.
Consolidated Precisions Products Corp. (CPP)
Steve Clodfelter, CEO
(909) 839-2201 or email@example.com
Ed Trissel/Jeffrey Smith, Global Communications
(212) 878-9288 or firstname.lastname@example.org
(212) 878-9205 or email@example.com
SOURCE CPP; Warburg Pincus