Cleveland’s Consolidated Precision Products Corp. has entered into a recapitalization transaction with Berkshire Partners, a Boston-based investment firm, and Warburg Pincus, the company's current financial partner.
The investments from Berkshire Partners and Warburg Pincus are intended to support CPP's long-term growth strategy and reflect CPP's dedication to enhancing its ability to manufacture highly engineered components for aerospace and defense applications.
CPP is working to drive performance through a combination of organic growth and strategic acquisitions, including the recently announced purchase of ATI's Cast Products business.
"We are excited to continue expanding our suite of complex castings offerings and delivering best-in-class service in collaboration with Berkshire Partners and Warburg Pincus," CPP CEO James Stewart said. "Our new relationship with Berkshire Partners and ongoing partnership with Warburg Pincus will enable us to further build upon the success we have achieved. Both firms are growth-oriented and have deep expertise in the aerospace and defense sectors."
Morgan Stanley & Co. LLC and Lazard served as financial advisers to CPP. Cleary Gottlieb Steen & Hamilton LLP acted as legal adviser to CPP and Warburg Pincus. Weil, Gotshal & Manges LLP served as legal adviser to Berkshire Partners.