Clayton, Dubilier & Rice and Greenbriar Equity Group, two private equity firms, have both made investments to combine Paradigm Precision, a provider of machining, fabrications and assemblies for engine manufacturers, with Whitcraft Group, a current Greenbriar portfolio company and a manufacturer of precision formed, machined and fabricated aerospace components.
The merger of Paradigm and Whitcraft aims to create a manufacturer of high-tolerance components used in commercial and military aviation engines. It will combine the companies’ manufacturing capabilities, geographies, skill sets and leadership teams.
“Over the last five years, our partnership with and investment from Greenbriar has advanced our strategy and enhanced our focus on operational excellence, and we believe this next step with Paradigm and CD&R will unlock even greater improvement opportunities for our customers and our employees,” says Doug Folsom, CEO of Whitcraft Group.
Perella Weinberg Partners served as CD&R’s and Greenbriar’s financial advisor in the transaction, with Debevoise & Plimpton serving as legal counsel to CD&R. Kirkland & Ellis acted as legal advisor to Whitcraft and Greenbriar, and Harris Williams and Houlihan Lokey acted as financial advisors to Whitcraft. Latham & Watkins served as legal advisor and Lazard and RBC Capital Markets served as financial advisors to Paradigm.