Oak Hill sells Firth Rixson to Alcoa for $2.85bn
Oak Hill Capital Partners has agreed to sell Firth Rixson, a Sheffield-based producer of jet engine components, to US engineering and manufacturing company Alcoa for $2.85bn.
The trade sale will see Oak Hill net $2.35bn in cash with $500m of Alcoa stock. It also includes a potential earn-out of $150m.
Oak Hill acquired Firth Rixson in a £945m secondary buyout from The Carlyle Group and Lehman Brothers Co-Investment Partners in November 2007.
The vendor stated Firth Rixson undertook a growth strategy based on investment in new technologies while under its stewardship.
Company
Founded in 1996, Sheffield-based Firth Rixson is a producer of components for jet engines. It also produces technology for use in landing gear systems, as well as mining and oilfield components. The company operates from 13 sites across Europe, the US and Asia and has clients in more than 40 countries.
People
David Mortimer is CEO of Firth Rixson. Denis J Nayden is managing partner at Oak Hill. Klaus Kleinfeld is chairman and CEO of Alcoa.
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