MidOcean Partners, PSP Investments to sell Noranco for $560 mln
U.S. private equity firm MidOcean Partners has agreed to sell Noranco Inc, a Canadian manufacturer and solutions provider to the global commercial and military aerospace industries, to Precision Castparts Corp (NYSE: PCP). The deal's value was not disclosed, however, Precision said it has agreed to pay US$560 million. MidOcean and Canadian pension fund manager PSP Investments jointly bought the Toronto-based Noranco in April 2013. PSP Investments has also agreed to sell its investment stake in the company, Precision said. During the past two years of private equity ownership, Noranco has been supported in driving growth and completing two acquisitions, MidOcean said.
27 July 2015•3 mins read
