KKR announced Nov. 10 that it is selling Fort Worth aerospace parts manufacturer Novaria Group to Arcline Investment Management for $2.2 billion. Arcline, based in Nashville, claims more than $20 billion in assets under management.
Founded in 2011, Novaria Group specializes in the production of a wide variety of parts and fabrications for aircraft, space vehicles and subsurface vessels. KKR acquired Novaria Group from Rosewood Private Investments and Tailwind Advisors in a deal announced in November 2019.
The company said its 1,600 employees will receive cash payouts from the proceeds of the transaction.
Said Josh Weisenbeck, a partner at KKR: “This milestone was enabled by an ownership mindset, operational excellence, and putting our people first, and we are pleased to see all employees share in the value they helped create.”
KKR was advised by Morgan Stanley on financials. Kirkland & Ellis is serving as outside legal counsel. The Kirkland team was led from New York by Jennifer Perkins and Colin Zelicof. No Texas lawyers were included. Perkins also led a Kirkland team that advised KKR on its acquisition of Novaria.
Guggenheim Securities were financial advisors to Arcline. Ropes & Gray and Paul Hastings are Arcline’s outside legal counsel.