US private equity firm Oak Hill Capital Partners has bought Sheffield engineering company Firth Rixson for a total of £945m from global investment group Carlyle.
The company, which manufactures highly engineered rings, industrial forgings and specialized metal products primarily to aerospace engine manufacturers, employs 980 staff, making it one of Sheffield’s biggest employers.
Firth Rixson supplies its products to global aerospace and industrial customers from 11 manufacturing facilities located in the United States, United Kingdom, Hungary and China. The company’s products are found on most significant aerospace engine platforms.
David Mortimer, the CEO of Firth Rixson, said, ‘Oak Hill has a demonstrated commitment to the aerospace industry and genuine enthusiasm for Firth Rixson and our business. We are delighted to be partnering with them as we enter this exciting next stage of our development. With the continued support of our experienced and dedicated workforce, we will continue to deliver the highest quality products to our global customers.’
Rowan Taylor, a Partner at Oak Hill Capital Partners, added, ‘Firth Rixson’s management team has a tremendous record of operational excellence and financial success. We believe the company is well positioned to enjoy record growth over the next few years as it delivers its critical products to its aerospace and industrial customers.’
The transaction is expected to close in December 2007, subject to regulatory approval.