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Warburg Pincus’ CPP bolts on ESCO Corp turbine division

8 Nov 2012

Warburg Pincus portfolio company Consolidated Precision Products (CPP) has bolted on Turbine Technologies Group after buying it from ESCO Corporation.

Casting engineer CPP plans to accelerate its growth plans through the purchase of Turbine, which makes investment cast components for aerospace, power generation and other industries.

Warburg, which is CPP’s largest shareholder, bought the company in October last year and said it planned to invest further capital into the company to back the transaction.

Lazard acted as financial advisor for CPP while Sheppard Mullin Richter & Hampton and Cleary Gottlieb Steen & Hamilton acted as legal advisors.

Goldman Sachs acted as financial advisor and Stoel Rives acted as legal advisor to ESCO.

Warburg is an active investor in the industrial, aerospace and defense sectors.

Its former and current aerospace and defense related investments over the past nine years have included TransDigm Group, CAMP, Extant Components Group, QuEST Global Services and Survitec.

The firm is currently chasing $12bn for its latest investment vehicle, and is attempting to negotiate a tough fundraising environment by offering investors a 1.4 per cent management fee while taking 20 per cent carried interest.

Some large investors could be charged a 1.3 per cent management fee, according to reports.

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