The Carlyle Group (Nasdaq: CG) signed an agreement to invest in NORDAM, a family-owned aerospace manufacturing and repair company, and will support the latter’s strategic plan and growth initiatives.The equity investment from the Carlyle Strategic Partners IV L.P. fund and debt financing will also help NORDAM emerge from Chapter 11 bankruptcy, the private equity firm said Monday.
Carlyle expects the transaction to close during the first half of 2019, pending bankruptcy court approval and other regulatory clearances.
NORDAM, based in Tulsa, Okla., was founded by aerospace industry veteran Ray Siegfried in 1969 and provides maintenance, repair and overhaul services to military and commercial aviation end-markets through its nine operations and customer support sites worldwide.
Evan Middleton, managing director of Carlyle Strategic Partners, said Carlyle will help NORDAM make its entry into new end-markets and build up its composites capabilities. The Siegfried family will maintain ownership and management of NORDAM under the deal.
