Consolidated Precision Products (CPP, Hall 1, Stand 1395) is building a comprehensive portfolio of aerospace and defense casting capabilities under a definitive agreement to acquire Selmet, a manufacturer of components. Terms of the acquisition were not disclosed. Lazard’s aerospace and defense group served as financial advisor to Selmet, a portfolio company of Blue Point Capital Partners.
The pairing will combine CPP’s product line of highly engineered components for the aerospace and defense markets with Selmet’s complex, titanium castings, and machined components. Selmet operates an investment-casting foundry spanning more than 220,000 sq ft in Albany, Oregon, providing parts for programs such as the Boeing 737, Airbus A320, and the Lockheed Martin F-35 Joint Strike Fighter. The Selmet management team will remain in place following closing, CPP said.
A Warburg Pincus company, CPP said the acquisition will expand its reach into titanium castings, giving it a broad suite of casting capabilities. "We have long admired Selmet's world-class technical capabilities, longstanding customer relationships, strong management team, and track record of growth," said CPP CEO James Stewart. "This highly complementary acquisition will round out our product offering to include titanium castings, enabling us to meet the strong demand from customers seeking advanced titanium content for next-generation platforms."
"We believe the combination of CPP and Selmet's products creates a highly attractive and comprehensive platform for CPP's customers in the aerospace and defense industries," added Dan Zamlong, managing director, Warburg Pincus.
The sale will mark the 53rd transaction for Lazard since 2013. These transactions culminate in a value of approximately $90 billion, Lazard said, adding, “This transaction demonstrates the importance in today’s aerospace market to offer the greatest array of products possible, making the combined entity a more critical and valued participant in the OEM supply chain.“