Secondary Buyout • Aerospace

Warburg Pincus and Ridgemont Equity Partners Acquire TransDigm Group

On June 8, 2003, private equity firms Warburg Pincus and Ridgemont Equity Partners acquired aerospace company TransDigm Group from Odyssey Investment Partners

Acquisition Context
  • This is Warburg Pincus’ 1st and Ridgemont Equity Partners’ 1st transaction in the Aerospace sector.
  • This is Warburg Pincus’ 36th and Ridgemont Equity Partners’ 38th transaction in the United States.
  • This is Warburg Pincus’ 1st and Ridgemont Equity Partners’ 2nd transaction in Ohio.
Investment Fate
  • TransDigm Group went public in 2006.

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M&A Deal Summary

Date June 8, 2003
Target TransDigm Group
Sector Aerospace
Buyer(s) Warburg Pincus
Ridgemont Equity Partners
Sellers(s) Odyssey Investment Partners
Deal Type Secondary Buyout

Target Company

TransDigm Group

Cleveland, Ohio, United States
TransDigm Group is a designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft platforms. TransDigm's major product lines include pumps, ignition system components, mechanical controls and actuators, engineered connectors, NiCad batteries and chargers, lavatory components and overhead bin latches. TransDigm Group was founded in 1983 and is based in Cleveland, Ohio.
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Buyers Overview 2

Buyer

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


Deal Context for Buyer #
Overall 56 of 493
Sector: Aerospace 1 of 6
Type: Secondary Buyout 1 of 70
State: Ohio 1 of 9
Country: United States 36 of 242
Year: 2003 8 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-06-01 Kasen International Holdings

Zhejiang, China

Kasen International Holdings Ltd. is a produces leather upholstery furniture as well as automotive leather units on an OEM basis for major global furniture companies and automotive seating system suppliers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-07-08 Bacchus Vascular

Santa Clara, California, United States

Bacchus Vascular is an emerging medical device company focused on the discovery and development of innovative treatments for cardiovascular and peripheral occlusive vascular disease. In addition to the Trellis(R), the company has developed two mechanical thrombectomy catheters -- the Solera(TM) Plus, which has been cleared by the U.S. Food and Drug Administration and already is being marketed for thrombus removal in occluded dialysis grafts; and the Fino(TM), which is the subject of an IDE study for removing venous clots that cause deep vein thrombosis (DVT).

Buy $25M
Buyer

Ridgemont Equity Partners

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ridgemont Equity Partners is an independent private equity firm specializing in middle-market buy-outs, corporate divestitures, recapitalizations and growth capital investments. The Firm targets to invest in companies located in North America, preferably in US and Canada. REP looks to invest up to $500 million in companies with EBIDTA of $5 - $50 million. The Firm seeks to hold both majority and minority equity interest in portfolio companies. Specific areas of interest include basin industries and services, energy, healthcare, telecommunications, media and technology. Ridgemont Equity Partners is a spun-off of Banc of America Capital Investors (BACI). Ridgemont Equity Partners was formed in August 2010 and is based in Charlotte, North Carolina.


Deal Context for Buyer #
Overall 39 of 136
Sector: Aerospace 1 of 1
Type: Secondary Buyout 4 of 25
State: Ohio 2 of 3
Country: United States 38 of 121
Year: 2003 6 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-04-01 Targa Resources

Houston, Texas, United States

Targa Resources is an independent midstream energy companies in the U.S., providing gas gathering, processing, fractionation and transportation through an extensive portfolio of integrated midstream assets. Targa Resources was founded in 2005 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-08-29 IGN Entertainment

San Francisco, California, United States

IGN Entertainment is an Internet media and services company focused on the video game and entertainment enthusiast markets, attracting more than 28 million unique monthly users. The company's network of videogame-related properties (IGN.com, GameSpy, FilePlanet, TeamXbox, Direct2Drive and others), is the web's number one video game information destination and attracts one of the largest concentrated audiences of young males on the Internet.

Buy -

Seller Profile 1

SELLER

Odyssey Investment Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 8.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Odyssey Investment Partners is a private equity firm that seeks control/majority investments in middle-market companies. Odyssey looks to back existing management and make investments in the form of leveraged acquisitions, growth financings and recapitalizations. Sectors of interest include industrial manufacturing, business and financial services, aerospace products and services, and 'route-based services'. Odyssey Investment Partners is based in New York, New York.


Deal Context for Seller #
Overall 7 of 38
Sector: Aerospace 2 of 4
Type: Secondary Buyout 2 of 20
State: Ohio 2 of 4
Country: United States 6 of 36
Year: 2003 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-06-01 United Site Services

Westborough, Massachusetts, United States

United Site Services is a provider of portable restrooms, temporary fence and related site services. With more than 85 locations coast to coast and the largest fleet of portable sanitation equipment, it is no wonder why United Site Services is trusted by more top industry professionals than any other temporary site service provider. Company wide selection of solutions, products, and our fast, courteous customer service provides peace of mind during all phases of your project or event. United Site Services was founded in 1999 and is based in Westborough, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-12-14 ProMach

Covington, Kentucky, United States

ProMach is a provider of complete packaging machinery solutions, engineering and integration services, and related aftermarket products and services. ProMach brands operate across the entire packaging spectrum: filling and capping, flexibles, pharma, product handling, labeling and coding, and end of line. ProMach also provides Performance Services including integrated solutions, design/build, engineering services, and productivity software to optimize packaging line design and deliver maximum uptime. ProMach was founded in 1998 and is based in Covington, Kentucky.

Buy -