Lehman Brothers Merchant Banking and private investor Bernard Schwartz will realise huge gains on the sale of airplane parts maker K&F Industries to Aurora Capital Group.
The deal, announced today, is valued at $1.06 billion (€850 million), according to a press release. Lehman Brothers Merchant Banking has invested a reported $83.8 million in the company since 1998.
Schwartz is the chairman and CEO of Loral Space & Communications, which filed Chapter 11 bankruptcy recently.
K&F makes aircraft wheels, brakes, anti-skid systems, fuel tanks, iceguards and oil booms, according to a press release.
Aurora Capital is based in Los Angeles.