Cripps advises global manufacturer of engine turbines Chromalloy

Cripps has advised Chromalloy Gas Turbine, LLC on the sales of Trac Mexico Limited and Trac Group Limited, which are intended to allow Chromalloy to focus on its core aerospace and aeroderivative aftermarket business.

Trac Mexico Limited, which provides precision machining of gas turbine engine components to customers across the globe, has been sold to Walbar Engine Components, owned by Cornerstone Private Equity following approval being obtained from the Secretary of State under the National Security & Investment Act. Headquartered in Arizona, Walbar manufactures engine airfoil components including blades, seal segments, nozzle guide vanes, and compressor wheels for the aerospace and power generation industries.

It is intended that Trac Group Limited be sold to UK private investor, RCapital. Contracts have been exchanged and the sale is expected to complete prior to the end of September 2022, following regulatory approval of the Secretary of State under the National Security and Investment Act. Trac Group provides precision engineered turbine and engine parts to the aerospace, defence and power generation sectors.

Helen Garner led the Cripps team advising on these complex interrelated international transactions. Laura Wilson, Lauren Romo and Tom Newlyn advised on the corporate aspects of both transactions with support from our transaction services team. Kathryn Rogers and Simon Amos advised on the commercial contracts aspects.

Commenting on the legal support provided by the team, Amanda Sanders, GC of Chromalloy, commented, “Thank you to Helen and the team at Cripps for their commitment to delivering this transaction and their support throughout the process. These transactions involved time-sensitive and complex cross-border issues which the Cripps team handled efficiently and effectively. ”

Craig Haines, CFO of Chromalloy parent company Sequa Corporation commented to the team “I wanted to express my deep appreciation to everyone at Cripps who supported us throughout this process, dedicating many nights and weekends to deliver a positive outcome for Chromalloy. “

Helen Garner added, “The sales of Trac Mexico Limited and Trac Group Limited have been complex and required input from experts across Cripps. We have been able to support the scale of these transactions due to the large number of specialists across the firm and the size and experience of the corporate team. This has been an exciting and challenging project and we are privileged to have worked alongside Chromalloy and their international team of advisers, to deliver these transactions.”

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