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.
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.
Jenny Gore / Julie Rudnick / Kevin Siegel