RBC Bearings has agreed to acquire Dover Corp.‘s (NYSE: DOV) Sargent Aerospace & Defense subsidiary for $500 million.
Michael Hartnett, RBC Bearings chairman, president and CEO, said Thursday the acquisition is intended to complement the company’s manufacturing and design processes.
Oxford, Connecticut-based RBC Bearings manufactures plain, roller and ball bearings for aerospace, defense and industrial structures.
The company plans to fund the transaction with senior debt and cash on hand and is slated to complete the purchase in the first quarter of its fiscal 2016.
Tuczon, Arizona-based Sargent produces and sells hydraulic valves and actuators, specialty bearings and fasteners, seal rings, alignment joints and precision tools for aerial, underwater and ground vehicles.
Moelis & Company and Kirkland & Ellis LLP respectively acted as the financial adviser and legal adviser to RBC Bearings on the transaction.
