SK Capital Partners has entered into a definitive agreement to acquire the North America Composites & Fuel Containment (CFC) division from Parker Hannifin Corp. This is reported in a press release from SK Capital.
The financial terms of the transaction were not disclosed. Mandatory debt financing was provided as part of a direct loan managed by HPS Investment Partners, LLC.
SK Capital expects to expand its asset portfolio through CFC's expertise in providing differentiated materials science solutions in the aerospace and defense sectors. SK Capital includes a number of companies, including Luxium Solutions, a manufacturer of special materials and systems for photonics. SK Capital operates 200 manufacturing plants in 30 countries, which generate revenue of $12 billion per year.
The transaction is expected to be completed in the fourth quarter of 2024.
Latham & Watkins LLP acts as legal advisor, and J.P. Morgan Securities LLC acts as financial advisor to SK Capital. LLC. Lazard represents Parker Hannifin.
SK Capital is a private investment company focused on the sector of production of special materials and ingredients. SK Capital is engaged in business transformation into highly efficient companies with improved strategic positioning and low operational risk. The company has assets worth $9 billion under management.
Parker Hannifin is a manufacturer of hydraulic equipment and carbon fiber composite components for the production of fuel storage containment systems for the defense and aerospace markets. The company operates six production sites in North America. The headquarters is located in the state of Ohio (USA).
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