Blue Point Capital Partners Acquires Selmet, Inc., Leading Niche Aerospace and Defense Casting Supply
SEATTLE (November 16, 2011) – Blue Point Capital Partners announced today the acquisition of Selmet, Inc., a leading manufacturer of complex titanium investment castings serving the aerospace and defense industries. Headquartered in Albany, Ore., Selmet possesses unique capabilities to process titanium and features a product offering that includes engine, airframe and other aircraft and military components. As one of the primary titanium casting suppliers in the United States, Selmet (www.selmetinc.com) is a direct beneficiary of an industrywide shift toward weight reduction and fuel efficiency trends in aircraft.
Blue Point, with offices in Charlotte, Cleveland, Seattle and Shanghai, is one of the largest resident private equity firms in each of its target markets. Selmet represents Blue Point’s 13th platform company for Blue Point II, a 2006-vintage lower-middle-market buyout fund with $400 million in committed capital. Blue Point employs a regional sourcing strategy and, as with Selmet, typically recapitalizes businesses in partnership with management, providing the first institutional capital.
“Selmet is a result of a three-year initiative in the sector to identify an opportunity where we could leverage our historical successes in the aerospace and defense sector and partner with an industry-leading management team,” said Mark Morris, a partner with Blue Point. “Selmet is a leader in its niche and possesses exciting growth prospects, both domestically and internationally, as the Company continues to take share in the castings market with the shift to lighter-weight materials such as titanium.”
Rick Kenyon, chief executive officer of Selmet, said, “We are enthusiastic about the partnership with Blue Point and look to benefit from their perspective and industry resources as we take our business to the next level. We have worked closely with the Blue Point team and operating partners to develop a strategic plan focused on numerous actionable growth opportunities, including those where Blue Point is uniquely positioned to assist us in the Asian economies.”
Blue Point Capital Partners (www.bluepointcapital.com), with offices in Charlotte, Cleveland, Seattle and Shanghai, is a lower-middle-market private equity firm specializing in recapitalizations, corporate divestitures and buyouts. Blue Point is typically the first institutional financial partner, investing in manufacturing, distribution and service businesses with transaction values of $25 million to $250 million. Blue Point is a true partner to its portfolio companies, bringing operational resources to bear in addition to financial capital and transactional experience. Blue Point is one of only a few middle-market private equity firms with a presence in the economies of both the United States and China. This cross-border presence has provided a distinct advantage for its portfolio businesses and sourcing strategy. Since 1990, the principals of Blue Point have completed over 100 investments with a total transaction value of more than $2 billion.
For more information, contact:
BLUE POINT CAPITAL PARTNERS
Mark Morris
Partner
Blue Point Capital Partners, LLC
1201 Third Avenue, Suite 3090
Seattle, WA 98101
(206) 332-9202
SELMET
Rick Kenyon
Chief Executive Officer
Selmet, Inc.
33992 SE Seven Mile Lane
Albany, OR 97322
(541) 926-7731