Bridgepoint offloads Permaswage for $600m

Permaswage was acquired by Bridgepoint in 2007 for $343m from Stirling Square Capital Partners. Under Bridgepoint's ownership the company has improved its manufacturing equipment and acquired two businesses in the separable hydraulic fittings market.

Following the deal, Bridgepoint will retain its ownership of Permaswage's power division DMC Power, a separate business which supplies components for electricity sub-stations and transmission lines.

Company
Permaswage manufactures aerospace components such as permanent and separable couplings used to connect hydraulic, air and other tubing in civil and military aircraft.

The business operates from its facilities in Paris, California and China.

Permaswage was set up in 1974 by Deutsche Company (Deutsch Metal Components) to support its European market activity. In 2005, both businesses were acquired by Stirling Square, which created Global Design Technologies through the simultaneous management buyouts of Permaswage of France and Deutsch Metal Components of the US, for a total enterprise value of $125m.

Advisers
Vendor – Lazard (Financial due diligence); KPMG (Financial due diligence); CSP Associates (Commercial due diligence); Clifford Chance (Legal).

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• Topics
• Exits
• France
• Bridgepoint
• Stirling Square Capital Partners