Veritas Capital, a private investment firm, has purchased Sequa Corporation, a parent company of Chromalloy, from Carlyle. The transaction is expected to close in the fourth quarter of 2022.
Sequa is a technology company with a focus on aircraft engines and gas turbines, aiming to improve the economics of flight and power generation. Chromalloy provides engine and turbine component design and development services as well as engineering capabilities that support proprietary component services.
“Chromalloy has emerged as an industry leader by leveraging technology and innovation to drive a highly unique value proposition for customers,” says Ramzi Musallam, chief executive officer and managing partner of Veritas. “We are thrilled to partner with Brian and the entire Chromalloy team, who have a proven track record of delivering differentiated solutions to the global engine ecosystem. Together, we are excited to continue investing in distinctive technology and deepening Chromalloy’s relationships with both existing and new customers.”
Evercore and BofA Securities acted as financial advisors and Latham & Watkins LLP served as legal counsel to Sequa Corp. in connection with the transaction. Gibson, Dunn & Crutcher LLP and Covington & Burling LLP served as legal counsel to Veritas.