Veritas Capital Completes Acquisition of Sequa from Carlyle
December 13 2022 - 8:00AM
Business Wire
Veritas Capital (“Veritas”), a leading technology and government
investment firm, today announced that an affiliate of Veritas has
completed the acquisition of Sequa Corporation (“Sequa”), parent
company of Chromalloy, from funds managed by global investment firm
Carlyle (NASDAQ: CG).
Sequa, through its subsidiary Chromalloy, is a global technology
company and a leading solutions provider for aircraft engines and
gas turbines. For over 70 years, Chromalloy’s solutions have safely
and reliably extended the life of aircraft engines and gas
turbines, improving the economics of flight and power generation.
Chromalloy possesses distinctive engine and turbine component
design and development expertise as well as advanced engineering
capabilities that support proprietary component solutions.
“We look forward to partnering with Veritas and leveraging their
longstanding experience in both the commercial and military
aerospace markets to accelerate Chromalloy’s next phase of growth,”
said Brian Costa, Chief Executive Officer of Chromalloy. “The
transaction marks an exciting new chapter for Chromalloy and
provides an opportunity to build upon our differentiated capability
set and continue investing in proprietary LifeX® solutions to drive
value for our global customer base.”
“Chromalloy’s differentiated value proposition, deep engineering
capabilities, and highly technical employees have positioned the
business as a leader in the engine aftermarket,” said Ramzi
Musallam, Chief Executive Officer and Managing Partner of Veritas.
“We are excited to welcome Chromalloy to the Veritas portfolio and
partner with the Chromalloy team to continue delivering critical
engine technology and solutions to customers around the world.”
Evercore and BofA Securities acted as financial advisors and
Latham & Watkins LLP served as legal counsel to Sequa
Corporation in connection with the transaction. Gibson, Dunn &
Crutcher LLP and Covington & Burling LLP served as legal
counsel to Veritas.
About Chromalloy
Chromalloy provides the airline industry with a broad range of
aftermarket services and ranks as the leading independent supplier
of advanced repairs for jet engine parts. Chromalloy operates
around the world and around the clock, providing airlines with
timely, cost-effective, and proven repairs for turbine airfoils and
other critical engine parts – repairs that extend the life of the
parts and drive down engine maintenance costs. Chromalloy also
serves the industrial and gas turbine market, as well as the
military market. Sequa Corporation is the parent company of
Chromalloy. For additional information, visit
www.chromalloy.com.
About Veritas Capital
Veritas is a longstanding technology investor with over $40
billion of assets under management and a focus on companies
operating at the intersection of technology and government. The
firm invests in companies that provide critical products, software,
and services, primarily technology and technology-enabled
solutions, to government and commercial customers worldwide.
Veritas seeks to create value by strategically transforming the
companies in which it invests through organic and inorganic
means.
Leveraging technology to make a positive impact across vitally
important areas, such as healthcare, education, and national
security, is core to the firm. Veritas is a proud steward of
national assets, improving the quality of healthcare while reducing
cost, advancing our educational system, and protecting our nation
and allies. For more information, visit www.veritascapital.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221213005448/en/
MEDIA For Chromalloy: Natalie Wills
natalie_wills@sequa.com
For Veritas: Jenny Gore / Julie Rudnick / Kevin Siegel
VeritasCapital@fgsglobal.com
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