Paradigm Precision, which employs a workforce of more than 200 in Burnley, has been acquired by US investors and will be merged with a complementary company.
Paradigm Precision provides complex machining, fabrications and assemblies for engine manufacturers. It operates locations in the USA, Canada, Mexico and Tunisia and is currently majority owned by funds managed by global investment firm Carlyle.
Clayton, Dubilier & Rice and Greenbriar Equity Group, both based in the USA, will acquire the holding and merge it with Connecticut-based Whitcraft Group, already part of Greenbriar's portfolio.
Whitcraft manufactures precision formed, machined, and fabricated flight-critical aerospace components.
The deal, completed for an undisclosed sum will combine the two companies' manufacturing capabilities, geographies, skill sets and leadership teams.
The buyers said that the enhanced capability set should enable the combined business to better support its original equipment manufacturer customers around the world and address the numerous growth opportunities before it.
Ray Conner, who is operating advisor to CD&R funds and is a former president and CEO of Boeing Commercial Aviation, will become chairman of the combined company
He said: "We look forward to bringing together the best of both of these companies by driving operational improvements and an increased capability set that we believe will benefit customers and the commercial and military aviation engine market at large."
Steve Croke, president and CEO of Paradigm Precision (pictured), said: "We look forward to this combination with Whitcraft and support from CD&R and Greenbriar, which we believe will enable us to strengthen our mission-critical offerings to even more customers around the world.
"We remain committed to delivering innovative solutions to help solve complex manufacturing challenges while also continuing to foster a world-class working environment for our employees."
Both transactions are expected to close in early 2023, subject to satisfaction of customary closing conditions.
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