Carlyle fully exits stake in New York-listed Triumph Group


Global private equity firm Carlyle has sold its remaining 9.5 per cent stake in New York-listed aerospace parts and systems manufacturer Triumph Group through a public offering of its common stock.

The size of the offering is 4,666,116 shares of common stock offered by Carlyle. The offering is expected to close and settle on 12 June 2012.

Headquartered in Pennsylvania, Triumph designs, engineers, manufactures, repairs and overhauls aerostructures, aircraft components, accessories, subassemblies and systems.

The news follows the sale of five million shares in the group to Morgan Stanley in November last year, who acted as an underwriter in the offering.

Carlyle also sold 2.5 million shares in the company in May last year, reducing its stake to 20 per cent. Shares in Triumph were trading at $59.00 at 1632 GMT, giving the company a market capitalisation of $2.9bn.

Carlyle received around 7.5 million shares in the business in 2010 after selling Vought Aircraft Industries to Triumph. At the time, Triumph said that gave Carlyle a 31 per cent stake in the company.

Triumph also paid Carlyle $525m and assumed Vought’s debt. The total deal was valued at about $1.44bn.

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