BERWYN, Pa.--(BUSINESS WIRE)--Dec. 7, 2016--
Triumph Group, Inc.(NYSE:TGI) and Gores Small Capitalization
Partners, an affiliate of The Gores Group announced today the definitive
agreement to acquire Triumph Air Repair, the Auxiliary Power Unit (APU)
Overhaul Operations of Triumph Aviation Services – Asia, Ltd. and
Triumph Engines - Tempe. The transaction is subject to customary closing
conditions and is expected to close in early 2017. The combined
businesses generated revenues of approximately $81 million in Triumph
Group’s fiscal year ended March 31, 2016.
Triumph Air Repair and the APU Overhaul Operations of Triumph Aviation
Services – Asia are the world’s leading independent aerospace component
maintenance, repair, and overhaul service providers focused on APUs and
related products. The businesses provide military, commercial, and
regional airline customers with a comprehensive maintenance solution for
their legacy and new APU engine models. The combined entity provides
global coverage from two modern facilities located in Chandler, Arizona,
and Chonburi, Thailand.
Triumph Engines is a niche provider of hot-section component
manufacturing and repair services for original equipment manufacturers,
aircraft operators, and repair and overhaul providers. The business is a
one-stop shop offering extensive and unique capabilities, including
complex machining, engineering, inspection, non-destructive testing, and
thermal coatings. Triumph Engines is headquartered in Tempe, Arizona.
“We are very excited to start this new chapter with Triumph’s Engines
and APU businesses,” said Jon Gimbel, Managing Director of The Gores
Group. “The combined company will continue to provide its customers with
high quality service and unparalleled technical expertise. This
acquisition creates a strong global platform, and we look forward to
partnering with management to help position the business as a standalone
entity and accelerate its growth, both organically and through
The acquired company will retain its management, technical and
supporting staff, and will continue operations at its current facilities
in Arizona and Thailand. It is expected that full integration of the
companies will be completed in 2017.
Earlier this year, Triumph Group President and CEO, Dan Crowley,
announced a transformation plan that includes divesting non-core
businesses to enable reinvestment and position the company for long-term
“With the sale of Triumph Air Repair, the APU Overhaul Operations of
Triumph Aviation Services – Asia, and Triumph Engines – Tempe, Triumph
continues to execute on our timeline in support of our transformation,”
said Crowley. “I am confident that The Gores Group will be responsible
stewards for the business and accelerate the growth as a more focused
Seale & Associates acted as exclusive financial advisor to Triumph on
About The Gores Group:
The Gores Group, founded in 1987 by Alec Gores, is a global investment
firm focused on acquiring controlling interests in mature and growing
businesses which can benefit from the firm’s operating experience and
flexible capital base. The firm combines the operational expertise and
detailed due diligence capabilities of a strategic buyer with the
seasoned M&A team of a traditional financial buyer. Over its 30 year
history, The Gores Group has become a leading investor, having
demonstrated a reliable track record of creating value in its portfolio
companies alongside management. Headquartered in Los Angeles, The Gores
Group maintains offices in Boulder, Colorado, and London. For more
information, please visit www.gores.com.
About Triumph Group:
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs,
engineers, manufactures, repairs and overhauls a broad portfolio of
aircraft structures, components, accessories, subassemblies and systems.
The company serves a broad, worldwide spectrum of the aviation industry,
including original equipment manufacturers of commercial, regional,
business and military aircraft and aircraft components, as well as
commercial and regional airlines and air cargo carriers.
More information about Triumph Group can be found on the company’s
website at http://www.triumphgroup.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161207006354/en/
Source: Triumph Group, Inc.
For more information on The Gores Group, please contact:
Kwon Chou, 310-209-3010
Terry Fahn, 310-788-2850
more information on Triumph Group, please contact:
Michele Long, 610-251-1000
Sheila G. Spagnolo, 610-251-1000