BERWYN, Pa., Feb. 10, 2021 /PRNewswire/ -- Triumph Group, Inc.
(NYSE:TGI) announced today that it has entered into a definitive
agreement to sell its Red Oak,
Texas
operations to Arlington Capital Partners. The sale includes
the Red Oak facility, together with its thermoplastic
engineering capabilities. Arlington Capital Partners will combine
the Red Oak business with the
composites facilities it is separately acquiring from Triumph
pursuant to a previously announced agreement.
"With the sale of Triumph's Red
Oak and composites operations, Triumph continues to execute
on its strategic path to value initiative to exit large structures
manufacturing and reduce our leverage. 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 services," said Daniel
Crowley, Triumph's Chairman and Chief Executive Officer.
The Red Oak site specializes in the manufacture of large, complex
composite and metallic structures such as wing, empennage, and
fuselage assemblies. The operations cover approximately 1.0 million
square feet of factory space and employ approximately 400
people.
Both the Red Oak and previously
announced composites transactions are subject to customary closing
conditions and are expected to close in Triumph's fourth quarter of
FY21.
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