Consolidated Precision Products Corp., a portfolio company of private equity sponsors Warburg Pincus LLC and Berkshire Partners LLC, turned to Matthew P. Salerno, Matthew P. Schwartz and Jeremy J. Calsyn of Cleary Gottlieb Steen & Hamilton LLP for counsel on an agreement to sell to General Electric Co. (GE), which does business as GE Aerospace, for $11.75 billion in cash announced on Tuesday, Sept. 8.

The Deal reported on July 9 that New York-based Warburg Pincus and Boston-based Berkshire Partners had retained advisers to explore strategic options for CPP.

Tom Miles, Ben Teasdale, Hossein A. Amir-Aslani and Phillip Ingle at Morgan Stanley and Guggenheim Securities LLC gave financial advice to CPP, a Cleveland-based manufacturer of highly engineered castings for the commercial aerospace and defense markets,

Managing directors Dan Zamlong, Cary Stathopoulos and Zach Lazar are on the investment at Warburg Pincus, while managing director Blake Gottesman and vice president Ladd Hamrick are on it at Berkshire. In house was assistant general counsel Alison Heyden Colby and deputy general counsel Thomas Lough at Warburg and Berkshire, respectively. CPP CEO James V. Stewart and general counsel Rick Legenza led the deal at CPP.

Cleary advised longtime firm client Warburg Pincus when it bought CPP in 2011 from Arlington Capital Partners LP. Berkshire invested in 2019 in a recapitalization of the company, becoming co-majority owner alongside Warburg a deal on which Cleary counseled CPP and Warburg Pincus. Morgan Stanley gave financial advice to CPP there.

Consolidated Precision Products expanded through a series of acquisitions, including ESCO Turbine Technologies Group in 2012 and Selmet Inc. in 2018. More recently, the company announced the acquisition of Precicast Industrial Holding SA on July 7 for $250 million.

Steven J. Williams, Michael S. Darby and Scott A. Barshay of Paul, Weiss, Rifkind, Wharton & Garrison LLP were counsel to GE Aerospace. Evercore Partners Inc. and PJT Partners Inc. gave financial advice to the buyer, a Cincinnati-based producer of jet engines, turboprops, and integrated systems for commercial and military aircraft.

Evercore and Paul Weiss advised GE Aerospace on the spinoffs of GE HealthCare Technologies Inc. (GEHC) in January 2023 and of power generation and grid modernization company GE Vernova Inc. (GEV) in April 2024. The CPP deal is the first major transaction GE Aerospace has done since the spins.

The parties expect to close the deal in the second half of 2027, pending regulatory approvals.