Triumph Group taken private in $3bn deal

April 2025 | DEALFRONT | PRIVATE EQUITY & VENTURE CAPITAL

Financier Worldwide Magazine

April 2025 Issue

In a deal that takes the aircraft parts and services supplier private, Triumph Group is to be acquired by private equity firms Warburg Pincus and Berkshire Partners for a total enterprise value of approximately $3bn.

Under the terms of the agreement, Triumph shareholders will receive $26 per share in cash. The purchase price represents a premium of approximately 123 percent over the company’s unaffected closing stock price and a premium of approximately 58 percent over the volume weighted average price of Triumph common stock for the 90 days prior to 31 January 2025.

Upon completion of the transaction, Triumph will become a privately held company, jointly controlled by Warburg Pincus and Berkshire Partners, and will no longer be traded on the New York Stock Exchange.

“We are pleased to have reached this agreement, which reflects the culmination of the board’s robust process and will deliver immediate, certain and premium cash value to our shareholders,” said Dan Crowley, chairman, president and chief executive of Triumph. “Over the last few years, Triumph successfully optimised our portfolio, built around a world class team and capabilities.

“This transaction recognises our position as a valued provider of mission-critical engineered systems and proprietary components for both original equipment manufacturer and aftermarket customers,” he continued. “As a privately held company in partnership with Berkshire Partners and Warburg Pincus, Triumph will have an enhanced ability to meet customers’ evolving needs and provide more opportunities for valued employees.”

Founded in 1993 and headquartered in Radnor, Pennsylvania, Triumph designs, develops, manufactures, repairs and provides spare parts across a broad portfolio of aerospace and defence systems and components. It serves the global aviation industry, including original equipment manufacturers and the full spectrum of military and commercial aircraft operators.

“Triumph has a strong reputation as a leader in highly engineered aerospace components and systems, and we are excited about partnering with them in this next chapter of growth,” said Dan Zamlong, managing director at Warburg Pincus. “With our deep experience investing in and developing aerospace platforms, we look forward to working with Triumph’s talented global team to increase opportunities for its portfolio and capture the growing demand for high quality aerospace components.”

The transaction, which has been unanimously approved by Triumph’s board, is expected to close in the second half of 2025 subject to customary closing conditions, including approval by Triumph shareholders and receipt of required regulatory approvals.

Serving as exclusive financial adviser to Triumph is Goldman Sachs & Co. LLC, with Skadden, Arps, Slate, Meagher & Flom LLP acting as legal counsel. Lazard is serving as financial adviser and Kirkland & Ellis LLP and Covington & Burling LLP are acting as legal counsel to Berkshire Partners and Warburg Pincus.

“Triumph plays a critical role in the aerospace and defence industry and is known for providing high quality products on key platforms,” concluded Blake Gottesman, managing director at Berkshire Partners. “Berkshire has a long history of partnering with market-leading aerospace companies, and we look forward to helping accelerate the next phase of Triumph’s growth.”

Fraser Tennant