Clayton, Dubilier & Rice (“CD&R”) and Greenbriar Equity Group, L.P. (“Greenbriar”) have announced definitive agreements under which CD&R-managed funds and funds managed by Greenbriar will invest to combine Paradigm Precision (“Paradigm”), a global independent provider of complex machining, fabrications and assemblies for engine manufacturers currently majority owned by funds managed by global investment firm Carlyle (Nasdaq: CG), with Whitcraft Group (“Whitcraft”), a manufacturer of precision formed, machined, and fabricated flight-critical aerospace components and current Greenbriar portfolio company. The combination of Paradigm and Whitcraft will create a scaled and diversified manufacturer of complex, high-tolerance components used in commercial and military aviation engines. Both transactions are expected to close in early 2023, subject to satisfaction of customary closing conditions. Terms of the transactions were not disclosed.

Latham & Watkins LLP represented Paradigm and Carlyle in the transaction with a corporate deal team led by Washington, D.C. partners Paul Sheridan and Victoria VanStekelenburg, with associates Cierra Warren, and Maddie Merkle. Advice was also provided on tax matters by New York partner David Raab; on employee benefits matters by Washington, D.C. partner Adam Kestenbaum; on government contracts matters by Washington, D.C. partner Kyle Jefcoat and Washington, D.C. counsel Dean Baxtresser; on intellectual property matters by Washington, D.C. counsel Kieran Dickinson; on real estate matters by New York partner Dara Denberg and New York counsel Shira Bressler; on environmental matters by Washington, D.C. partner James Barrett; on antitrust matters by Washington, D.C. partners Marc Williamson and Ian Conner, Brussels partner Luca Crocco, and Washington, D.C. counsel Peter Todaro; and on finance matters by Washington, D.C. partner Jeffrey Chenard.