Aircraft components manufacturer TRIUMPH will be acquired by private equity firms Warburg Pincus and Berkshire Partners for a total enterprise value of approximately $3bn.
As part of the definitive agreement, TRIUMPH shareholders will receive $26 per share in cash. The purchase price represents around 123% over the company's closing stock price as of February 3, 2025, and a premium of approximately 58% over the volume weighted average price (VWAP) of TRIUMPH common stock for the 90 days prior to January 31, 2025.
“Over the last few years, TRIUMPH successfully optimized our portfolio, built around a world class team and capabilities,” said TRIUMPH chairman, president and CEO Dan Crowley. “This transaction recognizes our Company's position as a valued provider of mission-critical engineered systems and proprietary components for both OEM and aftermarket customers."
Upon completion of the transaction, TRIUMPH will become a privately held company, jointly held by the two equity firms.
“As a privately held company in partnership with Berkshire Partners and Warburg Pincus, TRIUMPH will have an enhanced ability to meet our customers' evolving needs and provide more opportunities for our valued employees,” added Crowley.
Warburg Pincus managing director Dan Zamlong said: “With our deep experience investing in and developing aerospace platforms, we look forward to working with TRIUMPH's talented global team to increase opportunities for its portfolio and capture the growing demand for high quality aerospace components.”
“Berkshire has a long history of partnering with market-leading aerospace companies, and we look forward to helping accelerate the next phase of TRIUMPH's growth,” added Berkshire Partners managing director Blake Gottesman.
The transaction is expected to close in the second half of 2025. Upon completion, TRIUMPH will no longer be traded on the New York Stock Exchange.
Goldman Sachs served as exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom is acting as legal counsel to TRIUMPH. Lazard is serving as financial advisor and Kirkland & Ellis and Covington & Burling are acting as legal counsel to Berkshire Partners and Warburg Pincus.