SK Capital Announces Agreement to Acquire North America Composites & Fuel Containment Division from Parker Hannifin Corporation
2024年7月30日 - 7:00PM
ビジネスワイヤ(英語)
SK Capital Partners (“SK Capital”), a New York-based private
investment firm focused on the specialty materials, ingredients,
and life sciences sectors, today announced it has signed a
definitive agreement to acquire the North America Composites &
Fuel Containment (“CFC”) Division of Parker Hannifin Corporation
(NYSE: PH).
Parker Hannifin’s CFC Division is a leading provider of
engineered carbon fiber composite components and fuel containment
solutions for the defense and commercial aerospace markets. The
business generates annual sales of approximately $350 million,
operates six manufacturing locations across North America, and
employs approximately 1,700 people.
Jared Kramer, a Principal at SK Capital, said, “CFC has a rich
heritage in providing differentiated material science solutions for
leading customers across the aerospace and defense sector. Our firm
is privileged to be partnering with CFC’s team to continue
delivering excellence for its customers and their mission-critical
applications.”
Jack Norris, a Managing Director at SK Capital, added, “SK
Capital has a long track record of carving out non-core businesses
of larger companies and establishing them as thriving, independent
companies. We are highly enthusiastic about the acquisition of
Parker’s CFC Division and believe it represents a great opportunity
to implement our transformational growth strategy.”
SK Capital’s portfolio includes a number of companies that
operate in the aerospace and defense value chain, including Luxium
Solutions, a producer of specialty materials and systems for
photonics applications. As part of its acquisition of CFC, SK
Capital worked closely with aerospace and defense industry
executive Larry Resnick, who will remain involved following the
close of the acquisition as a member of the business’ Board of
Directors.
The transaction is expected to close in the fourth quarter of
2024. Latham & Watkins LLP acted as legal counsel to SK
Capital. J.P. Morgan Securities LLC is serving as financial advisor
to SK Capital and committed debt financing was provided by direct
lending funds and accounts managed by HPS Investment Partners, LLC.
Lazard is serving as exclusive financial advisor, and Jones Day
acted as legal counsel, to Parker Hannifin.
About SK Capital
SK Capital is a private investment firm with a disciplined focus
on the specialty materials, ingredients, and life sciences sectors.
The Firm seeks to build resilient, sustainable, and growing
businesses that create substantial long-term value. SK Capital aims
to utilize its industry, operating, and investment experience to
identify opportunities to transform businesses into higher
performing organizations with improved strategic positioning,
growth, and profitability, as well as lower operating risk. SK
Capital’s portfolio of businesses generates revenues of
approximately $12 billion annually, employs more than 25,000 people
globally, and operates more than 200 plants in over 30 countries.
The Firm currently has approximately $9 billion in assets under
management. For more information, please visit
www.skcapitalpartners.com.
About Parker Hannifin
Parker Hannifin is a Fortune 250 global leader in motion and
control technologies. For more than a century the company has been
enabling engineering breakthroughs that lead to a better tomorrow.
Learn more at www.parker.com or @parkerhannifin.
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Jeremy Milner BackBay Communications
jeremy.milner@backbaycommunications.com (401) 862-9422