Whitcraft Group ("Whitcraft") and Paradigm Precision ("Paradigm") today announced the completion of their acquisition and combination by funds managed by Clayton, Dubilier & Rice and Greenbriar Equity Group, forming a new combined company to be called Pursuit Aerospace ("Pursuit"). Pursuit is a global manufacturer of complex aircraft engine components developed through highly integrated processes and lean production systems.
The new company creates a scaled and diversified manufacturer of tight-tolerance components used in commercial and military aircraft engines. With Whitcraft and Paradigm's complementary exposures across platforms, manufacturing capabilities, geographies, skill sets and leadership teams, the company will be even more well positioned to support its original equipment manufacturer ("OEM") customers around the world and pursue numerous growth opportunities.
The name Pursuit Aerospace was chosen to reflect the company's steadfast commitment to safety, exceptional quality, and customer satisfaction. Pursuit will be driven by a deep investment in and the daily practice of continually improving people, processes, and products. "Pursuit brings together two extraordinarily talented teams to forge an innovative, collaborative and solution-focused industry leader," said Doug Folsom, Pursuit's CEO and former Whitcraft CEO. "With our newly scaled capabilities, we expect to offer cutting edge innovation and best in class delivery and quality to our OEM customers around the world."
"Combining Whitcraft and Paradigm's strong cultures and customer service orientation will help drive operating improvements at Pursuit to benefit our customers in the commercial and military aviation industry at large. I'm thrilled that Doug will be leading Pursuit and I am confident that he will drive excellence across the organization," said former President and CEO of Boeing Commercial Airplanes Ray Conner, who has assumed the role of Chairman of Pursuit's board of directors. "I also want to thank Steve Croke for his strong leadership as CEO of Paradigm and thoughtful engagement and counsel during the transition. Steve has built an exemplary team at Paradigm, and we owe much of the success of this combination to his skill and efforts."