Carpenter Technology Buys PE-backed Latrobe

Publicly traded Carpenter Technology Corp. will pay $558 million to buy Latrobe Specialty Metals Inc. As part of the deal, 8.1 million shares of Carpenter stock—worth roughly $388 million—will be issued to Latrobe’s owners, including Hicks Equity Partners and The Watermill Group. Latrobe, which makes high-performance materials for aerospace, defense and energy applications, was acquired by Hicks Equity and Watermill in 2006. Thomas Hicks of Hicks Equity, and Steve Karol of Watermill will join Carpenter's board following the close. The deal is expected to close by September 30.

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