MRO & Manufacturing
Warburg Pincus and Berkshire Partners Acquire Triumph Group for 3 Billion
Triumph Group acquired by Warburg Pincus and Berkshire Partners in a $3B deal, transitioning to private ownership to boost aerospace innovation and growth.
Triumph Group, Inc. (NYSE: TGI), a key supplier in the aerospace and defense sector, has officially transitioned from a publicly traded company to a privately held entity. This shift follows the successful completion of its acquisition by affiliates of Warburg Pincus and Berkshire Partners in a transaction valued at approximately $3 billion. The all-cash deal, finalized in July 2025, marks a significant milestone in TRIUMPH’s corporate journey and reflects broader trends in private equity investment within the aerospace industry.
The acquisition underscores the increasing role of private equity in reshaping the aerospace and defense landscape. As geopolitical uncertainties and supply chain challenges persist, firms like Warburg Pincus and Berkshire Partners are strategically positioning themselves through targeted acquisitions. TRIUMPH’s transition to private ownership is emblematic of this shift, offering the company enhanced flexibility to pursue long-term growth strategies outside the scrutiny of public markets.
This article explores the background of TRIUMPH Group, key facts surrounding the acquisition, recent developments, expert perspectives, and the broader industry context that frames this significant transaction.
Founded in 1993, TRIUMPH Group has grown into a prominent provider of aerospace systems and components. The company’s operations span 28 facilities across 12 U.S. states and seven countries, serving both original equipment manufacturers (OEMs) and aftermarket customers. Its product offerings include structural components, actuation systems, and maintenance services, making it a critical supplier for both commercial aircraft and military aircraft sectors.
TRIUMPH’s growth over the decades has been fueled by a series of strategic acquisitions, 39 in total since 1995, designed to broaden its capabilities and market reach. However, the company faced headwinds during the COVID-19 pandemic, including a reported operating loss of $40.3 million in Q4 2020. These challenges prompted a strategic pivot toward portfolio optimization and financial restructuring.
In the years leading up to the acquisition, TRIUMPH focused on divesting non-core assets and reducing its debt load. This realignment not only improved liquidity but also made the company a more attractive target for private equity investors. Warburg Pincus and Berkshire Partners, both of whom have deep experience in aerospace investments, saw an opportunity to support TRIUMPH’s next phase of growth.
As part of the transition, Jorge L. Valladares III was appointed CEO, succeeding Daniel J. Crowley. Valladares brings extensive industry experience, having previously served in senior roles at TransDigm Group, another major aerospace components supplier. His leadership is expected to drive innovation and operational efficiency within TRIUMPH.
Under Valladares, TRIUMPH is set to focus on expanding its footprint in mission-critical aerospace and defense systems. The company aims to leverage the financial backing and strategic guidance of its new owners to accelerate product development and enhance customer service capabilities. This leadership change signals a renewed emphasis on agility and long-term planning, aligning with the broader objectives of Warburg Pincus and Berkshire Partners to build enduring value in the aerospace sector.
The financial structure of the acquisition provides insight into the strategic value placed on TRIUMPH by its new owners. The deal was structured as an all-cash transaction, with shareholders receiving $26.00 per share, a 123% premium over the company’s unaffected stock price. This premium reflects investor confidence in TRIUMPH’s long-term potential under private ownership.
Below is a summary of key financial metrics associated with the acquisition:
“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.” , Dan Zamlong, Warburg Pincus
The acquisition officially closed on July 24, 2025, after receiving shareholder approval and regulatory clearance. TRIUMPH has since been delisted from the New York Stock Exchange and now operates as a privately held company. The transaction was facilitated by financial advisors Goldman Sachs (for TRIUMPH) and Lazard (for the private equity firms), with legal support from Skadden and Covington & Burling.
The move to private ownership is expected to provide TRIUMPH with greater strategic flexibility, enabling it to pursue long-term growth initiatives without the pressures of quarterly earnings reports and market volatility.
In addition to leadership changes, the company has reaffirmed its commitment to maintaining high standards in product quality and customer service, while also exploring opportunities for expansion in both domestic and international markets.
TRIUMPH’s strategic priorities post-acquisition include enhancing innovation through increased investment in research and development, particularly in advanced materials and aerospace systems. The company also plans to strengthen its supply chain resilience by diversifying suppliers and increasing inventory of critical components.
Operational efficiency is another key focus. Building on its earlier divestiture strategy, TRIUMPH aims to streamline internal processes, reduce overhead costs, and improve margin performance. These efforts are supported by the operational expertise and financial resources of Warburg Pincus and Berkshire Partners. Customer engagement remains a central pillar of TRIUMPH’s strategy. The company is working closely with OEMs and defense contractors to tailor solutions that meet evolving requirements in a rapidly changing geopolitical landscape.
The TRIUMPH acquisition aligns with a broader trend of increased private equity activity in the aerospace and defense sectors. According to S&P Global, private equity firms invested $4.27 billion in aerospace and defense globally in the first quarter of 2025 alone, nearly matching the total for all of 2024. This surge is driven by heightened defense spending and a renewed focus on technological innovation.
Geopolitical tensions, particularly in Eastern Europe and the Indo-Pacific region, have prompted governments to reassess their defense capabilities. This has led to increased demand for mission-critical components, creating opportunities for companies like TRIUMPH that specialize in high-performance aerospace systems.
Warburg Pincus and Berkshire Partners are no strangers to this landscape. Their portfolios include several aerospace firms, such as TransDigm, Wencor Group, and Amsafe, demonstrating a consistent investment thesis centered around long-term value creation in defense and aerospace markets.
The acquisition of TRIUMPH by Warburg Pincus and Berkshire Partners represents a strategic inflection point for the company. With a refreshed leadership team, a clear roadmap for innovation, and the backing of experienced investors, TRIUMPH is well-positioned to capitalize on emerging trends in aerospace and defense.
Looking ahead, the transition to private ownership is expected to unlock new growth opportunities and enhance the company’s ability to respond to market demands. As private equity continues to reshape the aerospace landscape, TRIUMPH’s evolution may serve as a model for similar firms seeking to navigate an increasingly complex and competitive environment.
What was the value of the TRIUMPH acquisition? Who are the new owners of TRIUMPH? What changes occurred in TRIUMPH’s leadership? Why did TRIUMPH go private? What are TRIUMPH’s post-acquisition priorities?
Warburg Pincus and Berkshire Partners Complete Acquisition of TRIUMPH
Background: TRIUMPH Group’s Evolution
Leadership and Strategic Direction
Key Facts and Financial Data
Metric
Value
Enterprise Value
$3 billion
Purchase Price per Share
$26.00 (123% premium)
2025 Q3 Revenue
$377.9 million
Adjusted EBITDA Margin (Q4 2025)
18%
Recent Developments and Strategic Initiatives
Acquisition Finalization
Post-Acquisition Strategy
Industry Context and Investment Trends
Conclusion
FAQ
The acquisition was valued at approximately $3 billion.
Warburg Pincus and Berkshire Partners acquired TRIUMPH in an all-cash transaction.
Jorge L. Valladares III was appointed CEO, replacing Daniel J. Crowley.
Going private allows TRIUMPH greater flexibility to pursue long-term strategies without the pressures of public market scrutiny.
Enhancing innovation, improving operational efficiency, and strengthening supply chain resilience.
Sources
Photo Credit: Triumph Group
MRO & Manufacturing
Brookhouse Aerospace Acquires Parker Precision to Expand Engineering Capabilities
Brookhouse Aerospace acquires Parker Precision to integrate CNC turning, milling, and grinding capabilities, enhancing supply chain services in the UK.
This article is based on an official press release from Brookhouse Aerospace.
Brookhouse Aerospace, a leading independent manufacturer of composite and metallic aero-structures based in Darwen, Lancashire, has officially announced the acquisition of Parker Precision. The move represents a significant step in Brookhouse’s strategy to vertically integrate its supply-chain and expand its internal engineering capabilities.
According to the company’s press release, the acquisition of the Wolverhampton-based precision engineering firm will allow Brookhouse to offer a more comprehensive “build-to-print” service to the aerospace and defence sectors. Parker Precision, known for its expertise in CNC turning and milling, will continue to operate from its existing facility in Bilston, retaining its 35-strong workforce.
The acquisition is described by Brookhouse leadership as a “strategic fit” designed to bring critical precision engineering processes in-house. By integrating Parker Precision’s capabilities, specifically Precision CNC Turning, CNC Milling, and 5-Axis Grinding, Brookhouse aims to reduce reliance on external suppliers for these specific processes and offer a complete supply chain solution.
Matthew Rossiter, CEO of Brookhouse Aerospace, emphasized the value this addition brings to the group’s service portfolio:
“We are delighted to welcome Parker Precision into the Brookhouse Aerospace group. This acquisition is an excellent strategic fit, enhancing our capabilities with Precision CNC Turning, CNC Milling, and 5-Axis Grinding, building on our strategy of providing a complete supply chain solution.”
, Matthew Rossiter, CEO of Brookhouse Aerospace
Rossiter further noted that the acquisition not only secures a skilled workforce but also opens access to new customer bases while strengthening the value proposition for existing clients.
Parker Precision, founded in 1952, has a long history of manufacturing, evolving from small tools for the lock industry to high-precision aerospace components. Under the new ownership structure, the company will function as a subsidiary of the Brookhouse Aerospace group. Marc Corns, Managing Director of Parker Precision, expressed optimism about the stability the deal provides: “The successful completion of this acquisition provides future certainty for our team. As part of Brookhouse, we look forward to the opportunity to further enhance our capabilities and capacity, to deliver customer requirements, advance expertise in key markets and grow the business.”
, Marc Corns, Managing Director of Parker Precision
The deal connects two major UK manufacturing hubs: Brookhouse’s stronghold in the North West Aerospace Alliance region and Parker’s base in the Midlands. This regional synergy is expected to support the group’s mission to build a leading mid-market company servicing the aerospace and defence industries.
This acquisition follows a period of significant investment for Brookhouse Aerospace. The company recently opened a new state-of-the-art manufacturing facility in Darwen, Lancashire, known as Balle Mill. According to verified industry reports, the company has invested heavily in new machinery to increase capacity.
Kenny Worth, Executive Chairman of Brookhouse Aerospace, framed the acquisition as a logical progression following these internal investments:
“Following our recent investment in a new state-of-the-art manufacturing facility in Darwen, Lancashire and the installation of significant new machining capabilities, the acquisition of Parker Precision is just the next step in our mission to build a leading mid-market company servicing aerospace and defence industries.”
, Kenny Worth, Executive Chairman of Brookhouse Aerospace
Worth also indicated that the company remains in growth mode, stating that they “continue to evaluate, and are actively seeking, suitable additional opportunities.”
The acquisition of Parker Precision by Brookhouse Aerospace highlights a broader trend of consolidation within the aerospace supply chain. As Original Equipment Manufacturers (OEMs) increasingly demand “one-stop-shop” solutions to reduce logistical complexity and risk, Tier 1 and Tier 2 suppliers are under pressure to expand their internal capabilities.
By acquiring a specialist like Parker Precision, Brookhouse effectively secures its upstream supply chain for machined components. This vertical integration allows for tighter quality control and potentially faster turnaround times, critical factors in the competitive aerospace and defence markets. Furthermore, retaining the Parker Precision brand and workforce suggests a strategy of stability rather than aggressive restructuring, preserving the specialized skills that make the target company valuable in the first place. Parker Precision specializes in precision CNC engineering, including CNC Turning, CNC Milling, and 5-Axis Grinding. They serve sectors such as Aerospace, Oil & Gas, Defence, Electronics, and Medical.
No. According to the announcement, Parker Precision will continue to operate from its current base in Bilston, Wolverhampton, as part of the Brookhouse Aerospace group.
Parker Precision employs 35 people, all of whom are being retained following the acquisition.
Brookhouse Aerospace is owned by Nord Aerospace Holdings (specifically Nord Aerospace Bidco Limited).
Brookhouse Aerospace Acquires Parker Precision to Strengthen Supply Chain Capabilities
Strategic Expansion and Vertical Integration
Operational Continuity and Regional Growth
Investment in Manufacturing Excellence
AirPro News Analysis
Frequently Asked Questions
What does Parker Precision specialize in?
Will Parker Precision move its operations?
How many employees does Parker Precision have?
Who owns Brookhouse Aerospace?
Sources
Photo Credit: Brookhouse Aerospace
MRO & Manufacturing
GA Telesis Expands Asia-Pacific Reach with South Korean Approval
GA Telesis Engine Services secures South Korean MOLIT certification to offer engine overhaul services and signs new deal with MIAT Mongolian Airlines.
This article is based on an official press release from GA Telesis.
GA Telesis Engine Services (GATES), the Helsinki-based engine maintenance subsidiary of GA Telesis, has announced a major expansion of its operational capabilities in the Asia-Pacific region. According to an official company press release, GATES has received Approved Maintenance Organization (AMO) certification from South Korea’s Ministry of Land, Infrastructure, and Transport (MOLIT). This certification authorizes the facility to perform full overhaul services on specific engine models for South Korean airlines.
In a simultaneous development, the company confirmed a new engine maintenance agreement with MIAT Mongolian Airlines. These announcements mark a strategic push by GATES to establish itself as a primary independent alternative to Original Equipment Manufacturer (OEM) facilities in a region heavily reliant on narrowbody aircraft.
The newly acquired MOLIT approval is a critical regulatory milestone for GATES. Under South Korea’s Aviation Safety Act, foreign repair stations must undergo a rigorous audit of their quality control systems and technical procedures before they are permitted to release South Korean-registered aircraft to service. By securing this certification, GATES can now bid directly for heavy maintenance contracts with South Korean carriers without requiring third-party approvals.
According to the press release, the MOLIT approval covers full overhaul authority for three major engine types:
This scope is particularly significant given the composition of the South Korean commercial fleet. Market data indicates that the CFM56-7B is the primary engine for the country’s low-cost carriers (LCCs), including Jeju Air, T’way Air, and Jin Air, which operate substantial fleets of Boeing 737-800 aircraft. Additionally, the CF6-80C2 remains in service with major carriers like Asiana Airlines and Korean Air for their widebody operations.
“This approval allows us to bring our world-class engine maintenance solutions directly to South Korean airlines, offering them a competitive alternative for their fleet requirements.”
, Statement from GA Telesis Press Release
Alongside the regulatory news, GATES announced a definitive agreement with MIAT Mongolian Airlines for the maintenance of its CFM56-7B engines. MIAT, the national flag carrier of Mongolia, operates a fleet centered around the Boeing 737-800. This contract underscores the technical capabilities of the Helsinki facility and provides MIAT with a maintenance partner located strategically between its Asian and European route networks.
The agreement validates GATES’ strategy of targeting operators who require flexible, cost-effective maintenance solutions outside of the traditional OEM network. By utilizing the Helsinki facility, MIAT gains access to a European Aviation Safety Agency (EASA) environment while maintaining logistical efficiency for its fleet. The Rise of Independent MROs in Asia
The entry of GATES into the South Korean market represents a shift in the regional Maintenance, Repair, and Overhaul (MRO) landscape. Historically, South Korean airlines have relied heavily on OEM-affiliated shops, such as the Korean Air Tech Center, or major regional players like ST Engineering. These relationships often come with rigid pricing structures and capacity constraints.
As an independent provider, GATES is positioned to compete on turnaround time (TAT) and workscope flexibility. For LCCs operating on tight margins, the ability to perform targeted repairs, rather than mandatory full overhauls, can result in significant cost savings. The “hospital shop” concept, which focuses on surgical repairs to return engines to service quickly, is likely to appeal to carriers like T’way Air and Jeju Air as their fleets age and maintenance events become more frequent.
Furthermore, the timing of the MOLIT approval coincides with a high demand for CFM56 shop visits globally. As supply chain issues continue to plague the new engine market (LEAP and GTF), airlines are holding onto older aircraft longer, increasing the need for reliable maintenance capacity for legacy engines like the CFM56 and CF6.
The GATES facility is located at Helsinki-Vantaa Airport in Finland. According to company data, the site spans 180,000 square feet and features an integrated test cell capable of handling engines with up to 100,000 lbs of thrust. The facility has an annual capacity of approximately 200 engines.
With the addition of the South Korean MOLIT certification, GATES now holds approvals from major global regulators, including:
This broad regulatory portfolio allows the company to serve a diverse customer base across Europe, Asia, and the Americas, reinforcing its status as a premier independent engine maintenance provider.
GA Telesis Engine Services Secures South Korean Regulatory Approval, Expands APAC Footprint
Breaking Barriers in the South Korean Market
Authorized Engine Types
Strategic Partnership with MIAT Mongolian Airlines
AirPro News Analysis
Facility Capabilities and Global Reach
Sources
Photo Credit: GA Telesis
MRO & Manufacturing
ITP Aero to Acquire Aero Norway, Expanding CFM56 MRO Services
ITP Aero signs agreement to acquire Aero Norway, enhancing aftermarket capabilities for CFM56 engines and expanding its European MRO presence.
ITP Aero, a global leader in aerospace propulsion, has signed a binding agreement to acquire Aero Norway, a specialized maintenance, repair, and overhaul (MRO) provider focused on CFM56 engines. According to the company’s official announcement, the transaction is expected to close during the first half of 2026, subject to customary regulatory approvals.
The acquisition represents a significant expansion of ITP Aero’s aftermarket capabilities. By integrating Aero Norway’s facility in Stavanger, Norway, ITP Aero aims to reinforce its status as a leading independent player in the aerospace services sector. The move follows a trajectory of aggressive growth for the Spanish propulsion company since its acquisition by Bain Capital in 22.
Aero Norway operates out of a facility at Sola Airport in Stavanger, employing a workforce of over 200 skilled technicians. The company has established a reputation for high-quality engine maintenance, specifically for the CFM56 engine family, serving a global client base of airlines, lessors, and asset managers.
In its press statement, ITP Aero highlighted that the two companies possess “highly complementary strengths.” The deal combines Aero Norway’s deep expertise in engine overhaul with ITP Aero’s existing engineering capabilities and component repair infrastructure. This synergy is designed to offer a more comprehensive suite of services to the aftermarket sector.
This agreement is the latest in a series of strategic moves by ITP Aero. In 2023, the company acquired BP Aero in the United States and was recently selected to join Pratt & Whitney’s GTF MRO network. These steps are part of a broader “2030 Strategic Plan” which aims to double the size of the business and increase the global workforce by 50% by the end of the decade.
While the press release focuses on corporate synergies, the acquisition underscores a critical trend in the current aviation landscape: the extended dominance of the CFM56 engine. As new-generation engines like the LEAP and GTF face supply chain delays and durability challenges, airlines are keeping older aircraft powered by CFM56 engines in service longer than originally planned.
Industry data suggests that approximately 20,000 CFM56 engines will remain in service through 2025. Consequently, the demand for maintenance shop visits is projected to peak between 2025 and 2027. By acquiring a specialist shop like Aero Norway, ITP Aero is effectively positioning itself to capture high-value work during this period of “structural undersupply” in the narrowbody market. This “Golden Tail”, the long, profitable tail end of an engine program’s lifecycle, provides a stable revenue runway for MRO providers capable of handling heavy overhauls. The crossover point where new-generation engine shop visits outnumber CFM56 visits is not expected until later in the decade, making capacity for legacy engines a premium asset today.
Leadership from both organizations emphasized the value of combining their respective technical strengths. Eva Azoulay, CEO of ITP Aero Group, described the agreement as a key component of the company’s roadmap.
“The signing of this binding acquisition agreement marks a significant milestone in our strategic roadmap. This acquisition reinforces our ambition to become a leading independent player in the aerospace aftermarket.”
, Eva Azoulay, CEO of ITP Aero Group
Neil Russell, CEO of Aero Norway, noted that the merger would unlock synergies beneficial to their customer base.
“By combining the complementary strengths of ITP Aero and Aero Norway, we will unlock significant synergies that enhance our competitiveness and deliver even greater value to our customers.”
, Neil Russell, CEO of Aero Norway
ITP Aero reports that it has tripled its earnings since 2022 and is currently implementing a long-term business plan that spans civil, defense, and MRO segments. The company was advised on legal M&A matters regarding this transaction by Baker McKenzie.
Pending regulatory clearance, the integration of Aero Norway into the ITP Aero Group will finalize in 2026, solidifying the company’s footprint in the European MRO market.
Sources:
ITP Aero to Acquire Aero Norway, Strengthening Position in CFM56 Aftermarket
Strategic Expansion in the MRO Sector
AirPro News Analysis: The “Golden Tail” of the CFM56
Executive Commentary
Future Outlook
Photo Credit: ITP Aero
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