This article was updated on July 11, 2011 at 3:23 pm EST to reflect the legal advisors who worked on the deal.

Oak Hill Capital Partners has agreed to sell Primus International to Precision Castparts Corp. for $900 million in cash.

Oak Hill partnered with Primus’ management team and acquired the Tier II aircraft structures supplier in 2006 from Rhône Capital for an undisclosed amount.

The Bellevue, Washington-based company supplies highly engineered metallic and composite parts, kits and assemblies. It has operations throughout North America, Asia and Europe.

During its investment period, Primus enhanced its management team, expanded its manufacturing capabilities, gained new strategic customers and made three strategic acquisitions. Not too long after being acquired, Primus acquired Walden’s Machine and the following year it bought St Bernard Composites Ltd. Primus’ CEO, Jim Hoover, stated in the press release that the company is now positioned for significant growth and expects to build under its new owner.

Primus’ management team, as well as Hoover, will continue with Precision once the transaction is complete. The deal is expected to close within the second quarter of 2012.

Precision’s CEO Mark Donegan stated in its press release that he will join forces with Primus’ management team to “aggressively” grow the business in the aerostructures space. Precision expects the addition of Primus to be immediately accretive to its earnings.

Oak Hill used Paul, Weiss, Rifkind, Wharton & Garrison as its legal advisor on the deal with Tarun Stewart as the lead attorney. Partners David Sicular, Robert Fleder, Mitchell Berg, and Charles Googe were also part of the deal team from the firm.

Precision Castparts declined to comment and Oak Hill did not respond for additional comment by press time.

Oak Hill currently manages $8 billion in capital and invests up and down the spectrum of the middle market. In March, Oak Hill provided the SWS Group with a $50 million loan. In the spring of 2010 the firm spent $570 million on Dave & Busters in which it bought from Wellspring Capital. Around the same time Oak Hill acquired The Hillman Companies for $815 million.

Oak Hill is currently working out of its most recent fund Oak Hill Capital Partners III, which closed with $3.8 billion in commitments in 2009. Its previous fund closed with $2.5 billion in 2005.

Manufacturing industry