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Oak Hill Capital to Buy Firth Rixson for $2 Billion

Private equity firm Oak Hill Capital Partners said Sunday it would buy Firth Rixson, a provider of specialized metal products primarily to aerospace engine manufacturers, in a deal valued at about $2 billion.

Oak Hill will buy Firth Rixson from investment funds managed by private equity firm The Carlyle Group and Lehman Brothers .

Firth Rixson, headquartered in East Hartford, Connecticut, and Sheffield, England, supplies highly engineered products to aerospace and industrial customers from facilities in the United States, Britain, Hungary and China.

Firth Rixson generates annual revenue of about $1 billion.

Oak Hill said Firth Rixson's management team will remain significant investors in the company. The deal is expected to close in December.

Financing for the transaction is being provided by Lehman Brothers, GE Commercial Finance and Lloyds TSB Corporate Markets. The Carlyle Group was advised by Lehman Brothers and
Latham & Watkins.