An Eastford-based manufacturer of turbine engine components, Whitcraft Group, has entered into an agreement to merge with Paradigm Precision, a similar company headquartered in Manchester.
Paradigm Precision is a global, independent provider of precision machining, fabrications and complex assemblies primarily for gas turbine engines and high-temperature investment castings. Currently, it is majority-owned by investment firm The Carlyle Group, a publicly traded company.
Whitcraft, currently owned by Greenbriar Equity Group, has two other locations in Connecticut, in South Windsor and Plainville, along with Newburyport, Massachusetts; Whitesboro, N.Y.; Cleveland, Ohio; Morton, Illinois; and Thomasville, Georgia.
Paradigm Precision has a second Connecticut facility in Berlin, along with locations in Stuart, Florida; Malden, Massachusetts; Canada; Mexico; United Kingdom; and Tunisia.
The combined company will have more than 2,500 employees and over $800 million in annual revenues, according to the Connecticut Business and Industry Association.
The merger will be financed by Clayton, Dubilier & Rice (CD&R) and Greenbriar.
The combination of Paradigm and Whitcraft will create “a leading supplier in the aerospace industry, merging the companies’ complementary exposures across platforms, manufacturing capabilities, geographies, skill sets and leadership teams,” according to an announcement from Clayton, Dubilier & Rice.
Terms of the deal were not disclosed.
Ray Conner, operating adviser to CD&R funds and former president and CEO of Boeing Commercial Aviation, will become chairman of the combined company.
“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,” Conner said.
The merger is expected to close in early 2023.