NEW YORK & PALM BEACH GARDENS, Fla.–(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.