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Lehman Brothers to co-invest alongside Carlyle in Firth Rixson

Aug. 30, 2006
Will acquire a 36 per cent stake in FRL

Lehman Brothers Co-Investment Partners has agreed to co-invest alongside The Carlyle Group in Carlyle's existing portfolio company Firth Rixson through the acquisition of a 36 per cent interest in the company. Carlyle will remain the lead investor in the company.

Financial details were not disclosed.

Firth Rixson is a provider of highly-engineered forged, cast, and other specialty metal products for the aerospace and general industrial markets. The company manufactures rolled, seamless rings that are used in aircraft engine, airframe, and power generation applications. It is also a specialist supplier of forgings, castings, and superalloys to the heavy truck, off-highway, mining, medical, and other general industrial markets. It operates fifteen facilities located across the UK, US, Europe, and Asia, and employs approximately 2,000 people.

Carlyle acquired Firth Rixson in February 2003 through a UK public-to-private transaction. At the same time, the company was merged with Forged Metals, an existing Carlyle portfolio company based in California, which also supplies seamless rings to the aerospace market.

Firth Rixson acquired TRT in November 2003 and Schlosser Forge Company in October 2004.

Bud Watts, managing director in the Carlyle US buy-out team, said, "We are delighted to welcome Lehman Brothers as partners in this investment. This transaction provides our investors with a significant return, while also allowing us to continue to build value as Firth Rixson executes on our proven growth strategies."