WASHINGTON, Feb. 1 (UPI) -- The portfolio management unit of the Carlyle Group has acquired Paradigm Precision Holdings, a U.S. maker of turbine engine components.
Terms of the transaction between Dynamic Precision Group and Paradigm weren't disclosed but financing for the deal was arranged by RBS Citizens and SunTrust Robinson Humphrey.
"We are excited about the addition of Paradigm, its global footprint, and the technical know-how it brings to Dynamic Precision Group," said Greg Bennett, president and chief executive officer of Dynamic Precision Group. "Paradigm supports our strategy of delivering complex engine components to our customer base."
Added Adam Palmer, managing director and head of Carlyle's Global Aerospace, Defense and Government Services team, "We are impressed with Paradigm's broad capabilities and product portfolio on both current and next-generation engine platforms, and are excited about the combination of these two precision component manufacturers."
Paradigm Precision is a Massachusetts company with facilities in Massachusetts, Connecticut, Arizona, Mexico and Tunisia. The Dynamic Precision Group, headquartered in Florida, includes TurboCombustor Technology, which manufactures parts primarily found in the combustion, section of turbine engines used in commercial and military aviation, and industrial gas turbine applications.