BERWYN, Pa., Aug. 3, 2020 /PRNewswire/ -- Triumph Group, Inc.
(NYSE:TGI) announced today a definitive agreement to sell its
composites operations to Arlington Capital Partners. Included in
the sale are the Triumph Aerospace Structures composites locations
in Milledgeville, Georgia and
Rayong, Thailand.
"With the sale of Triumph's composites business, Triumph
continues to execute on its previously announced Aerospace
Structures strategic review. This transaction will further reduce
debt and enhance liquidity while moving the company towards its
future state as a leading provider of systems and aftermarket
service," said Daniel Crowley,
Triumph Group, President and Chief Executive Officer. "We are
excited to partner with Arlington Capital Partners who will benefit
from the experienced workforce, significant capabilities, and
embedded customer relationships at both factories."
The operations cover approximately 800 thousand square feet of
factory space and employ approximately 600 people. The composites
business provides structural and engine composite fabrications and
assemblies across commercial, business jet, and defense platforms.
Key programs supported by the sites include Boeing 787, 777 and
V-22, Airbus A320, A330 and A350, Embraer E-2, Northrop Grumman
Global Hawk, as well as the Gulfstream G650/700.
Since 2016, Triumph has divested 13 non-core businesses,
including today's announcement, as part of its transformation
efforts to de-lever the company, enhance margins and position the
company for long-term success.
The transaction is subject to customary closing conditions and
is expected to close in Triumph's second quarter of FY21. Following
the close of the transaction, the business will retain its
management, technical and supporting staff, and will continue
operations at the current facilities.
Lazard acted as exclusive financial advisor to Triumph on the
transaction.
About Triumph Group:
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers,
manufactures, repairs and overhauls a broad portfolio of aerospace
and defense systems, components and structures. The company serves
the global aviation industry, including original equipment
manufacturers and the full spectrum of military and commercial
aircraft operators.
More information about Triumph can be found on the company's
website at http://www.triumphgroup.com.
About Arlington Capital Partners:
Arlington Capital Partners is a Washington, DC-based private equity firm that
is currently investing out of Arlington Capital Partners V, L.P., a
$1.7 billion fund. The firm has
managed approximately $4.0 billion of
committed capital via five investment funds. Arlington is focused on middle market
investment opportunities in growth industries including aerospace
& defense, government services and technology, healthcare, and
business services and software. The firm's professionals and
network have a unique combination of operating and private equity
experience that enable Arlington
to be a value-added investor. Arlington invests in companies in partnership
with high quality management teams that are motivated to establish
and/or advance their Company's position as leading competitors in
their field.
www.arlingtoncap.com
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SOURCE Triumph Group