M&A Deal Summary

Alcoa Acquires Firth Rixson

On November 20, 2014, Alcoa acquired aerospace company Firth Rixson from Oak Hill Capital, Intermediate Capital Group and Aerostar Capital for 2.9B USD

Acquisition Highlights
  • This is Alcoa’s 5th transaction in the Aerospace sector.
  • This is Alcoa’s 2nd largest (disclosed) transaction.
  • This is Alcoa’s 2nd transaction in the United Kingdom.

M&A Deal Summary
Date 2014-11-20
Target Firth Rixson
Sector Aerospace
Buyer(s) Alcoa
Sellers(s) Oak Hill Capital
Intermediate Capital Group
Aerostar Capital
Deal Type Add-on Acquisition
Deal Value 2.9B USD
Advisor(s) Citi
Lazard (Financial)
Paul, Weiss, Rifkind, Wharton & Garrison (Legal)

Target

Firth Rixson

Sheffield, United Kingdom
Firth Rixson Ltd. is a supplier of highly engineered rings, industrial forgings and specialized metal products primarily to aerospace engine manufacturers, headquartered in East Hartford, Connecticut and Sheffield, England.

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Buyer(S) 1

Buyer

Alcoa

Pittsburgh, Pennsylvania, United States
Category Company
Founded 1886
Sector Metals/Mining
Employees13,600
Revenue 10.6B USD (2023)
DESCRIPTION

Alcoa is a lightweight metals engineering and manufacturing company. Alcoa’s multi-material products, which include aluminum, titanium, and nickel, are used worldwide in aircraft, automobiles, commercial transportation, packaging, building and construction, oil and gas, defense, consumer electronics, and industrial applications. Alcoa was incorporated in 1886 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 21 of 24
Sector (Aerospace) 5 of 5
Type (Add-on Acquisition) 15 of 18
Country (United Kingdom) 2 of 2
Year (2014) 1 of 2
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-15 Alcoa Power Generating Inc

United States

Alcoa Power Generating, a 378-megawatt Tapoco Hydroelectric Project. Tapoco is a four-station hydroelectric project located on the Little Tennessee and Cheoah Rivers in eastern Tennessee and western North Carolina.

Sell $600M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-15 TITAL

Bestwig, Germany

TITAL GmbH is a manufacturer of titanium and aluminum structural castings for aircraft engines and airframes.

Buy -

Seller(S) 3

SELLER

Oak Hill Capital

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1986
PE ASSETS 9.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oak Hill Capital Partners was originally formed as the private equity investment vehicle for Robert Bass and in 1999, opened up to outside investors and raised its first private equity fund. Oak Hill looks to invest in middle-market companies and focuses its efforts within six industry groups. The six groups include basic industries; business and financial services; consumer, retail, and distribution; healthcare; media and telecom; and technology. Oak Hill targets businesses with defensible business models, strong market positions, and 'best-in-class' management. Oak Hill Capital was formed in 1986 and has offices in Stamford, Connecticut; Menlo Park, California; and New York City.

DEAL STATS #
Overall 34 of 55
Sector (Aerospace) 2 of 3
Type (Add-on Acquisition) 16 of 23
Country (United Kingdom) 2 of 4
Year (2014) 4 of 5
Size (of disclosed) 1 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-07 Bluepeak

Sioux Falls, South Dakota, United States

Bluepeak is a broadband/cable company providing high-speed internet, television, and digital telephone services for residential and business customers in South Dakota and southwestern Minnesota. Bluepeak was founded in 2014 and is based in Sioux Falls, South Dakota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-01 Avolon Holdings

Dublin, Ireland

Avolon Holdings Ltd. is a provider of aircraft leasing and lease management services to airlines and aircraft investors worldwide. Avolon Holdings was formed in 2010 and is based in Dublin.

Sell -
SELLER

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.

DEAL STATS #
Overall 153 of 217
Sector (Aerospace) 2 of 2
Type (Add-on Acquisition) 44 of 67
Country (United Kingdom) 47 of 58
Year (2014) 11 of 11
Size (of disclosed) 5 of 73
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-13 Cogent Healthcare

Brentwood, Tennessee, United States

Cogent Healthcare, Inc. is a provider of private hospitalist and intensivist services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-01 Vivarte SAS

Paris, France

Vivarte is the #1 footwear and clothing retailer in France with an extensive portfolio of brands (including La Halle aux Chaussures, Chaussland, André, San Marina, Minelli in the shoe sector and La Halle, Kookaï, Liberto, Caroll in clothing). The company has a very strong position in the "value for money" segment of the market and is also active in Spain and Switzerland.

Sell -
SELLER

Aerostar Capital

Wilson, Wyoming, United States
Category Private Equity Firm
Founded 1997
Size Small
Type Sector Focused
DESCRIPTION

Aerostar Capital is a specialist private investment firm focused on companies that sell products and services to commercial aviation, defense, government and satellite entities. Prospective businesses typically have revenues greater than $100 million, as well as 'good cash flow, solid relations with a diverse set of global customers, a clearly focused and competitively sustainable growth strategy, and a strong and committed management team'. Non-core divestitures are of particular interest. The Firm's investment horizon is generally 3 to 7 years. Aerostar Capital was formed in 1997 and is based in Wilson, Wyoming.

DEAL STATS #
Overall 2 of 3
Sector (Aerospace) 1 of 2
Type (Add-on Acquisition) 1 of 1
Country (United Kingdom) 1 of 1
Year (2014) 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-16 HDT Global

Solon, Ohio, United States

HDT Global is a provider of highly engineered solutions for branches of the US military, international governments, and commercial customers. HDT holds a portfolio of products aimed at creating and controlling environmental conditions to protect and optimize the functioning of critical equipment and personnel. Its innovative products include rapidly deployable shelters, sophisticated environmental control, and power equipment, and nuclear, biological, and chemical protection systems. HDT Global was founded in 1937 and is based in Solon, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-09 Wesco Aircraft Holdings

Valencia, California, United States

Wesco Aircraft Holdings, Inc. is a distributor and provider of comprehensive supply chain management solutions to the global aerospace industry and other industrial market segments. Wesco Aircraft services range from traditional distribution to the management of supplier relationships, quality assurance, kitting, just-in-time delivery, chemical management services, third-party logistics or fourth-party logistics and point-of-use inventory management. Wesco Aircraft Holdings, Inc. was founded in 1953 and is headquartered in Valencia, California.

Sell $1.9B
Mergr

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Company

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