Parker Hannifin Corp. agreed to acquire CIRCOR Aerospace from KKR and CIRCOR International for $2.55 billion.
KKR (NYSE: KKR) acquired CIRCOR in a $1.8 billion take-private transaction in 2023 through its North America Fund XIII and will retain ownership of the company’s Naval and Industrial businesses following the sale. The acquisition expands Parker Hannifin’s (NYSE: PH) aerospace and defense capabilities through the addition of complementary engineered products and systems across critical aircraft and defense platforms. CIRCOR Aerospace manufactures flow control, pneumatic, electromechanical and actuation parts and subsystems used across commercial aerospace and defense markets.
Goldman Sachs and Evercore served as financial advisors to KKR and CIRCOR, while Kirkland & Ellis acted as legal advisor on the transaction.