Bridgepoint sold Permaswage to Precision Castparts Corporation in a $600 million deal today. Permaswage, a manufacturer and supplier of aerospace and aeronautic components, was acquired by Bridgestone back in 2007. The company services military and civil aircraft units with hydraulic, air and various tubing.
The business performs its operations in Gardena, California, Suzhou, China, and Paris, France. Major aircraft creators Airbus and Boeing are clients of Permaswage.
The company performed well under the manning of Bridgepoint. The company gained two acquisitions in the fittings market, bough new equipment for its operations in manufacturing, opened the Suzhou headquarters, sped up its research and development, and boosted its IP.
Permaswage's power unit DMC Power will remain under the ownership of Bridgepoint. DMC Power is an independent division which supplies components for transmission and electricity substations.
The exit was advised by Lazard, KPMG, CSP Associates, and Clifford Chance. The transaction requires standard approvals and clearances before it closes in the third quarter.
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