Investors Clayton, Dubilier & Rice (CD&R) and Greenbriar Equity Group on Wednesday announced "definitive agreements" under which CD&R-managed funds and those managed by Greenbriar will be used to combine Paradigm Precision, a global independent provider of complex machining, fabrications and assemblies for engine manufacturers, which was previously owned by funds managed by Carlyle, with Greenbriar's Whitcraft Group, a manufacturer of precision formed, machined, and fabricated flight-critical aerospace components.
Amalgamation with Whitcraft will, CD&R and Greenbriar believe, "create a scaled and diversified manufacturer of complex, high-tolerance components used in commercial and military aviation engines".
"We are excited to work with the Whitcraft and Paradigm management teams, alongside Greenbriar, a leading industrials investor, to enhance the continued execution of their customer-centric operations and growth strategy," said Ray Conner, 0perating advisor to CD&R funds and former president and chief executive of Boeing Commercial Aviation. Conner will be chairman of the new combined company upon "consummation" of related transactions, the terms of which have not been disclosed.