Consolidated Precision Products Corp. has been sold by one private equity group to another, though no terms have been announced. Warburg Pincus, a New York-based fund acquired the California-based investment casting and precision sand casting organization from Arlington Capital Partners.
Arlington acquired CPP in partnership with its management in 2008. Earlier this year, it hired Morgan Stanley and Lazard Ltd. to locate potential buyers for the group. Warburg has made a series of investments in aerospace and defense system suppliers and component manufacturers over recent years.
CPP produces engineered components for commercial aerospace, military, and industrial customers. It has seven foundries in California, one in Minnesota (the former Hitchcock Industries), and two in France (the former Microcast Group) producing investment castings and sand castings in a range of sizes, in aluminum and magnesium alloys, steel, and super alloys. Its list of customers includes Airbus, Boeing, General Electric, Hamilton Sundstrand, Honeywell, Lockheed Martin, and Pratt & Whitney. It’s involved in numerous large commercial and military aircraft production programs