Commercial and military aircraft engine supplier Pursuit Aerospace stood up on Thursday following the combination of Whitcraft Group and Paradigm Precision.
The new 3,000 employee company does a roughly equal amount of business supporting commercial and military programs and its customers are aircraft engine manufacturers.
Pursuit Aerospace is owned by the private equity firms Clayton, Dubilier & Rice (CD&R), and Greenbriar Equity Group. Greenbriar already had a stake in Whitcraft and the firms acquired Paradigm from The Carlyle Group.
Terms of the deal were not disclosed.
Pursuit Aerospace is led by CEO Doug Folsom, who previously was CEO of Whitcraft.
“With our newly scaled capabilities, we expect to offer cutting edge innovation and best in class delivery and quality to our OEM customers around the world,” Folsom said in a statement.
Ray Conner, the former president and CEO of Boeing’s [BA] Commercial Airplanes segment, is chairman of Pursuit’s board. He is also an operating adviser to CD&R.
Perella Weinberg Partners served as financial adviser to CD&R and Greenbriar. Whitcraft was advised by Harris Williams and Houlihan Lokey. Lazard and RBC Capital Markets advised Paradigm and Carlyle.