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Bridgepoint in the News

27 June 2013

Permaswage sold to Precision Castparts Corp for $600m

Permaswage, the market leader in the manufacture of permanent and separable couplings for major aerospace companies globally, has been sold by Bridgepoint for $600million 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 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).

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