Carlyle’s equity, along with new debt financing, will fund Nordam’s exit from Chapter 11, de-lever the business and position the company for continued growth. The Siegfried family will retain its 50-year ownership and oversight of the business, and continue to lead the company forward. Carlyle’s equity will come from Carlyle Strategic Partners IV.
Founded in 1969 by the Siegfried family’s late patriarch, aerospace-industry leader Ray Siegfried II, Nordam is an aerospace manufacturer and provider of critical maintenance, repair and overhaul services (MRO) to the business, commercial and military aviation end-markets. With highly differentiated composites capabilities, Nordam is committed to the superior performance and quality of its products as well as its customer-centric approach to MRO services. The company provides services to a global customer base through its nine strategically-located operations and customer support facilities on three continents.
Meredith Siegfried Madden, Chief Executive Officer of Nordam, said:
“This is an important milestone for Nordam as we exit Chapter 11 and embark on our next chapter of growth,”
“We are thrilled to partner with Carlyle and look forward to working together to continue providing world-class products and services to our valued customers and enhancing flight safety globally. With Carlyle’s deep industry, operational and financial expertise, we believe we will be well positioned to execute on our strategic plan, expand our business and take advantage of the many growth opportunities that lie ahead.”
Shary Moalemzadeh, Managing Director and Co-Head of Carlyle Strategic Partners, said:
“We are excited to partner with Nordam’s outstanding management team and support the high-quality business they have built over the past 50 years. Nordam has a stellar reputation for providing industry-leading products and services across global aviation end-markets. With this investment and the support of Carlyle’s global platform, we are confident that the company will have the right capital structure and resources to continue its legacy as a best-in-class aerospace manufacturer and provider of MRO services.”
Evan Middleton, Managing Director of Carlyle Strategic Partners, said:
“Nordam has established itself as a key partner to the U.S. military and business and commercial customers around the world. As a respected, differentiated provider of aerospace products and services, we see significant opportunities for continued growth, both organically and through acquisitions. We look forward to working closely with the Nordam team to scale the business, expand into new end-markets and further develop the company’s composites capabilities – creating value for all stakeholders.”
The transaction is expected to close early in the first half of 2019, subject to Bankruptcy Court approval and satisfaction of customary closing conditions, including regulatory approval.