WASHINGTON--(BUSINESS WIRE)--
Global alternative asset manager The Carlyle Group (NASDAQ: CG) today
announced that Dynamic Precision Group, operating under the
market-facing name Paradigm Precision, a DPG Company, has closed its
acquisition of eight aerospace component fabrication and machining
facilities located on three sites in the U.S., Canada and the UK from
Unison Engine Components, a subsidiary of GE Aviation.
Originally announced in September 2013, the acquisition significantly
expands Paradigm Precision's capabilities for design and precision
manufacturing of components used in commercial and military gas turbine
engines used in aviation, marine, and industrial applications. The
sites, which employ 825 people, are located in Manchester, CT; Burnley,
Lancashire, UK; and Orillia, Ontario, Canada.
Greg Bennett, President and CEO of Paradigm Precision, said, "We are
excited about the addition of these assets and the strong employee base
and technical know-how they bring to Paradigm Precision. This
acquisition will enable us to expand our capabilities and better serve
our customers."
Adam Palmer, Managing Director and Head of Carlyle's Global Aerospace,
Defense and Government Services team, said, "We are impressed with the
diverse capabilities and product portfolio these businesses will add to
Paradigm Precision. This transaction will substantially contribute to
our goal of building a well-capitalized, highly capable supplier to the
aero engine market."
Paradigm Precision, based in Stuart, FL, is an independent manufacturer
of complex components, specializing in the combustion, or "hot section,"
of turbine engines used in commercial and military aviation as well as
industrial gas turbine applications.
Acquisition financing was led by RBC Capital Markets and Deutsche Bank.
Paradigm Precision and Carlyle were advised by Latham & Watkins and
PricewaterhouseCoopers.
Dynamic Precision Group, the parent company of Paradigm Precision, is a
portfolio company of Carlyle Partners V, Carlyle U.S. Equity Opportunity
Fund, Carlyle Strategic Partners II, AeroEquity Partners and other
co-investors.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager
with approximately $185 billion of assets under management in 122 active
funds and 81 fund of fund vehicles as of September 30, 2013. Carlyle
invests across four segments — Corporate Private Equity, Real Assets,
Global Market Strategies and Fund of Funds Solutions — in Africa, Asia,
Australia, Europe, the Middle East, North America and South America.
Carlyle has developed expertise in various industries, including:
aerospace, defense & government services, consumer & retail, energy,
financial services, healthcare, industrial, technology & business
services, telecommunications & media and transportation. The Carlyle
Group employs more than 1,450 people in 34 offices across six continents.
Web: www.carlyle.com
Videos:
www.youtube.com/onecarlyle
Tweets:
www.twitter.com/onecarlyle
Podcasts:
www.carlyle.com/about-carlyle/market-commentary
About Dynamic Precision Group
Dynamic Precision Group ("DPG") is a portfolio company of The Carlyle
Group and AeroEquity. DPG is a global leader in the manufacture of
complex machined and fabricated assemblies for the Aerospace, Defense
and Power Generation markets. DPG acquired TurboCombuster Technology in
2011, which specializes in the production of critical aircraft engine
components, and Paradigm Precision in 2013, which specializes in the
manufacturing of complex, high-tolerance machined and fabricated
components for gas turbine engines. DPG's core capabilities include
laser services, air flow measurement, thermal coatings, electrical
discharge machining, precision machining and TCT Blast™.
www.gotodpg.com
The Carlyle Group
Liz Gill, +1-202-729-5385
elizabeth.gill@carlyle.com
Source: The Carlyle Group
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