Oak Hill Capital Partners, a private equity firm, announced it has executed a definitive agreement to acquire Firth Rixson Ltd., a supplier of highly engineered rings, industrial forgings and specialized metal products primarily to aerospace-engine manufacturers. Firth Rixson’s management team will remain significant investors in the company. Sellers include investment funds managed by The Carlyle Group and Lehman Brothers. The transaction, valued at approximately $2 billion, is expected to close in December 2007, subject to regulatory approval.
In its current form, Firth Rixson is the result of the integration of three aerospace rings players (Forged Metals, Inc., Schlosser Forge Company and Future Tech) after the take-private of Firth Rixson plc in February 2003 by The Carlyle Group. Firth Rixson ‘s headquarters are located in East Hartford, Conn., and Sheffield, England, and the company generates annual revenues of approximately $1 billion.