For Immediate Release
New York, NY. June 8, 2006 – Oak Hill Capital Partners announced today that it has acquired Primus International, a leading supplier of structural components, kits and assemblies to the global aerospace industry. The transaction closed June 7, 2006. Terms were not disclosed. Oak Hill will own the company in partnership with management.
“We believe this opportunity represents an exciting step in our overall theme-based approach to investing in the global aerospace industry. Primus is a critical supplier to some of the most popular, fastest growing aerospace platforms and we intend to use the investment as a base for future growth,” said Denis J. Nayden, a Managing Partner at Oak Hill Capital Partners.
Primus’s CEO Jim Hoover added, “We are very happy to be partnering with Oak Hill. They have endorsed our strategy and have committed to provide the resources to allow us to continue to serve our customers and expand our business.”
Mr. Hoover will continue to serve as President and CEO of Primus. Before joining Primus eight years ago, Mr. Hoover spent over 20 years with Northrop Grumman, where he managed their aerostructures business.
Oak Hill Capital Partners added that it was attracted to the company’s strong customer relationships, including The Boeing Company which has awarded Primus the Boeing President’s Award five times. Primus is also unique among its competitors given its wholly-owned manufacturing facility in Suzhou, China.CIBC World Markets and Jefferies & Co. acted as co-lead arrangers for the financing. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Oak Hill Capital Partners, and CIBC World Markets acted as Oak Hill’s financial advisor. Gibson, Dunn & Crutcher LLP and Jefferies Quarterdeck served as legal counsel and financial advisor, respectively, for the seller, Rhone Capital LLC.