Private equity firms Warburg Pincus and Berkshire Partners said it has completed its previously announced acquisition of Radnor, Pa.-based Triumph Group, Inc.
The privately-held company will continue to be an independent provider of mission-critical aerospace systems and components, officials with Triumph said. As part of the transaction, Jorge Valladares will succeed Daniel Crowley as Triumph’s CEO. Crowley joined the company as CEO in 2016.
“I am honored to lead TRIUMPH in this next phase of growth to advance its role as a premier provider of mission-critical aerospace and defense systems and components,” Valladares said. “I look forward to working closely with the TRIUMPH team to further strengthen and expand our capabilities and meet the evolving needs of our customers.”
Valladares brings decades of aerospace industry leadership experience to the company. Recently, he served as the COO of TransDigm, a global designer, producer and supplier of highly engineered aircraft components.
“Companies across the aerospace industry rely on TRIUMPH for the premier design, production, and services it provides,” Dan Zamlong, Managing Director at Warburg Pincus, said. “We are excited to support Jorge and the TRIUMPH leadership team as they innovate to deliver world-class solutions for their customers.”
Warburg Pincus and Berkshire Partners have previously invested in the aerospace & defense and industrial sectors, including Warburg Pincus’ investments in Accelya, Aquila Air Capital, CAMP Systems, Consolidated Precision Products, Duravant, Extant Aerospace, Infinite Electronics, Inmarsat, iNRCORE, Quest Global, Sundyne, TransDigm and Wencor Group, and Berkshire Partners’ investments in Advanced Drainage Systems, Amsafe, Consolidated Precision Products, Harvey Performance Company, Hexcel, Husky, Parts Town, SRS Distribution, and TransDigm.
“TRIUMPH is well-positioned to accelerate its growth as a privately held company, strengthening its position as a highly-valued aerospace and defense supplier,” Blake Gottesman, managing director at Berkshire Partners, said. “We look forward to partnering with Jorge, Warburg Pincus, and the impressive team at TRIUMPH in this next chapter of growth.”