Veritas Capital (“Veritas”), a leading technology and government investment firm, announced that an affiliate of Veritas has entered into a definitive agreement to acquire Sequa Corporation (“Sequa”), parent company of Chromalloy (“Chromalloy”), from funds managed by global investment firm Carlyle Financial terms of the transaction were not disclosed.
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“We are thrilled to partner with Brian and the entire Chromalloy team, who have a proven track record of delivering differentiated solutions to the global engine ecosystem. Together, we are excited to continue investing in distinctive technology and deepening Chromalloy’s relationships with both existing and new customers.”
Headquartered in Palm Beach Gardens, FL, 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. These proprietary parts and repairs are supported by Chromalloy’s extensive internal value chain including investment castings, advanced coatings, and precision machining. Chromalloy is Sequa’s only remaining business, following the sale of its Precoat Metals business to AZZ Inc. (NYSE: AZZ) earlier this year.
“Chromalloy has emerged as an industry leader by leveraging technology and innovation to drive a highly unique value proposition for customers,” said Ramzi Musallam, Chief Executive Officer and Managing Partner of Veritas. “We are thrilled to partner with Brian and the entire Chromalloy team, who have a proven track record of delivering differentiated solutions to the global engine ecosystem. Together, we are excited to continue investing in distinctive technology and deepening Chromalloy’s relationships with both existing and new customers.”
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Brian Costa, President of Chromalloy, commented, “We are honored to partner with Veritas, and we look forward to accelerating our business under their ownership. Veritas believes in our strategy and the long-term growth potential of our business enabled by our proprietary LifeX® solutions. We are ready to work with Veritas to continue delivering world-class solutions and unmatched value to our customers around the world.”
“Chromalloy is well-positioned for growth, and we are excited for the future of the business with Veritas,” said Tom Mepham, Chief Executive Officer of Sequa. “We are thankful to the team at Carlyle for their tremendous partnership over the years. With their support, we invested to develop leading capabilities and expanded our relationships with customers, both of which were instrumental in leading to a successful business transformation and future opportunities. We are pleased that Veritas recognizes the tremendous value and potential of the Chromalloy business.”
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