Blue Point Exits Selmet, Inc.
Aug. 07, 2018
SEATTLE, WA / ACCESSWIRE / August 7, 2018 / Blue Point Capital Partners announced today that it has sold its interest in Selmet, Inc. to Consolidated Precision Products Corp. ("CPP"), a portfolio company of Warburg Pincus LLC. Selmet was a portfolio company in Blue Point II, which is the Firm's 2006 vintage middle market buyout fund with commitments of $400 million. Sale terms were not disclosed.
"Selmet was identified as an opportunity where we would leverage our historical successes in the aerospace and defense sector and partner with an industry-leading management team. It has been a privilege to work alongside Selmet's team and execute on numerous value creating initiatives assisted by the guidance of our industry and operational resources," said Mark Morris, a Partner with Blue Point.
While partnered with Blue Point, Selmet more than quadrupled earnings while generating significant cash flow. The Company also completed two add-on acquisitions that provided additional capacity for machining titanium castings and further enhanced its value-add offering to customers.
Rick Kenyon, President and CEO of Selmet said, "Our Company has experienced tremendous growth over the years in partnership with Blue Point. We are confident that CPP's expertise in highly engineered castings will add to our world-class capabilities and help scale our business even further."
"We are extremely pleased with the value created in the platform during our hold period by Rick and his outstanding team," said Charley Geiger, a Principal with Blue Point. "We invested in and witnessed Selmet's transformation from an entrepreneurial run business to a worldwide leader poised for additional growth, and we wish them continued success with their new partner."
Selmet, Inc. ( www.selmetinc.com ), founded in 1983, is a leading manufacturer of titanium castings for the commercial aerospace and defense markets. The Company operates a state-of-the-art investment casting foundry located in Albany, Oregon, and two machining sites in Everett, Washington, and Wilsonville, Oregon. Selmet is a trusted partner to a blue-chip customer base and one of very few suppliers in the world capable of manufacturing advanced titanium castings at scale for demanding aerospace and defense applications.
Blue Point Capital Partners ( www.bluepointcapital.com ) is a private equity firm managing over $1.5 billion in committed capital. With offices in Cleveland, Charlotte, Seattle and Shanghai, Blue Point's geographical footprint allows it to establish relationships with local and regional entrepreneurs and advisors, while providing the resources of a global organization. The Blue Point partner group has a 19-year track record of partnering with companies in the lower middle-market to facilitate growth and transformative change. It is one of only a few middle market private equity firms with a presence in both the United States and China, which provides a distinct advantage for its portfolio companies. Blue Point typically invests in businesses that generate between $20 million and $300 million in revenue.
For more information, contact:
BLUE POINT CAPITAL PARTNERS
601 Union Street, Suite 3022
Seattle, WA, 98101
President and CEO
33992 SE Seven Mile Lane
Albany, OR 97322
SOURCE: Blue Point Capital Partners