"With the sale of Triumph's composites business, Triumph continues to execute on its previously announced Aerospace Structures strategic review. This transaction will further reduce debt and enhance liquidity while moving the company towards its future state as a leading provider of systems and aftermarket service," said Daniel Crowley, president and chief executive officer, Triumph Group. "We are excited to partner with Arlington Capital Partners who will benefit from the experienced workforce, significant capabilities, and embedded customer relationships at both factories."
The composites business provides structural and engine composite fabrications and assemblies across commercial, business jet, and defense platforms. Key programmes supported by the sites include Boeing 787, 777 and V-22, Airbus A320, A330 and A350, Embraer E-2, Northrop Grumman Global Hawk, as well as the Gulfstream G650/700.
Since 2016, Triumph has divested 13 non-core businesses, including the latest announcement, as part of its transformation efforts to de-lever the company, enhance margins and position the company for long-term success.
The transaction is subject to customary closing conditions and is expected to close in Triumph's second quarter of FY21. Following the close of the transaction, the business will retain its management, technical and supporting staff, and will continue operations at the current facilities.
Arlington Capital Partners is a Washington, DC-based private equity firm that is currently investing out of Arlington Capital Partners V, L.P., a $1.7 billion fund. The firm has managed approximately $4.0 billion of committed capital via five investment funds.
Fibre2Fashion News Desk (RKS)