ALBANY, OR / ACCESSWIRE / July 5, 2018 / Selmet, Inc. ("Selmet"), a manufacturer of titanium castings and machined parts serving the aerospace and defense industries, announced today that it has entered into a definitive agreement to sell the company to Consolidated Precision Products ("CPP"), a portfolio company of Warburg Pincus LLC. CPP manufactures engineered components and sub-assemblies primarily for the commercial aerospace and defense markets.
"Our Company has experienced tremendous growth over the years and we are confident that CPP's experience in casting components and sub-assemblies will add to our capabilities and help scale the business," said Rick Kenyon, President & CEO of Selmet. "We look forward to our partnership with CPP."
The transaction is expected to close in the third quarter of 2018, at which time Blue Point Capital Partners will exit its investment in Selmet that it made in 2011.
"We are extremely pleased with the value created in the platform during our hold period," said Mark Morris, a Partner with Blue Point Capital Partners. "It has been an honor working alongside Rick and his extremely talented team, and we wish them continued success as they partner with CPP and Warburg Pincus."
Lazard served as the exclusive financial advisor to Selmet on the transaction.
About Selmet
Selmet, Inc., founded in 1983, operates a state-of-the-art investment casting foundry located in Albany, Oregon, and is a trusted partner to its blue-chip customer base. Selmet possesses unique capabilities to process titanium and features a product offering that includes engine, airframe and other aircraft and military components. As one of the primary titanium casting suppliers in the United States, Selmet is a direct beneficiary of an industrywide shift toward weight reduction and fuel efficiency trends in aircraft. For more information, visit: www.selmetinc.com.
About Blue Point Capital Partners
Blue Point Capital Partners is a private equity firm managing over $1.5 billion in committed capital. With offices in Cleveland, Charlotte, Seattle and Shanghai, Blue Point's geographical footprint allows it to establish relationships with local and regional entrepreneurs and advisors, while providing the resources of a global organization. The Blue Point partner group has a 19-year track record of partnering with companies in the lower middle-market to facilitate growth and transformative change. It is one of only a few middle market private equity firms with a presence in both the United States and China, which provides a distinct advantage for its portfolio companies. Blue Point typically invests in businesses that generate between $20 million and $300 million in revenue. For more information, visit: www.bluepointcapital.com.
Contact:
Selmet, Inc.
Rick Kenyon
(541) 926-7731
SOURCE: Selmet, Inc.