WASHINGTON, Jan. 31, 2013 /PRNewswire/ -- Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced that its portfolio company Dynamic Precision Group has acquired Paradigm Precision Holdings, a Peabody, Massachusetts based provider of highly engineered components for turbine engines serving the commercial aerospace, defense and energy end markets. Terms of the transaction were not disclosed.
Paradigm Precision is a global manufacturer of a diverse range of turbine engine and other machined products ranging from close tolerance parts to multi-level, highly complex assemblies. Paradigm has more than 600 employees and operates from six primary locations in Peabody and Malden, MA; East Berlin, CT; Tempe, AZ; Guaymas, Mexico; and Tunis, Tunisia.
Greg Bennett, President and CEO of Dynamic Precision Group, said, "We are excited about the addition of Paradigm, its global footprint, and the technical know-how it brings to Dynamic Precision Group. Paradigm supports our strategy of delivering complex engine components to our customer base."
Adam Palmer, Managing Director and Head of Carlyle's Global Aerospace, Defense and Government Services team, said, "We are impressed with Paradigm's broad capabilities and product portfolio on both current and next-generation engine platforms, and are excited about the combination of these two precision component manufacturers."Dynamic Precision Group, based in Stuart, Florida, also includes TurboCombustor Technology which manufactures parts primarily found in the combustion, or "hot section," of turbine engines used in commercial and military aviation as well as industrial gas turbine applications. TurboCombustor Technology operates facilities in Stuart, FL; Cincinnati, OH; and Budapest, Hungary.Acquisition financing was arranged by RBS Citizens and SunTrust Robinson Humphrey. Dynamic Precision Group and Carlyle were advised by Latham & Watkins and PricewaterhouseCoopers. Paradigm Precision was advised by Lazard Freres.