Private Equity News & Analysis

Oak Hill in $900m aerospace exit

The firm has sold aerospace product manufacturer Primus, which it acquired in 2006, to Precision Castparts.

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Oak Hill Capital Partners has agreed to sell aerospace product maker Primus International to Precision Castparts for $900 million.

Founded in 1998, Primus manufactures structural components, assemblies and kits for doors, flight controls and control mechanisms. The company counts Boeing as one of its “strong customer relationships”, according to a statement. The transaction is expected to close by the end of the third quarter 2011.

The firm invested an undisclosed amount in Primus in 2006 in partnership with the company’s management. Oak Hill closed its second fund on $2.5 billion in 2004. Paul Weiss Rifkind Wharton & Garrison acted as legal advisor to the firm.

Last month, Oak Hill sold its remaining stake in European data centre operator TelecityGroup for an undisclosed sum.  Oak Hill first invested in Telecity in 2005 in a joint investment with 3i in which the firms took the company private.  TelecityGroup was relisted again in 2007 on the London Stock Exchange.  

Oak Hill has more than $8 billion of committed capital from limited partners. Its most recent buyout fund closed on $3.8 billion in 2007.