(Bloomberg) -- Buyout firm Warburg Pincus is considering a sale of Consolidated Precision Products Corp. that could the aerospace parts manufacturer at more than $2 billion, according to people with knowledge of the matter.
Cleveland-based CPP is working with an adviser to examine strategic options including the possibility of a sale in the second half of the year, said the people, who asked not to be identified because they weren’t authorized to speak publicly. If Warburg pursues an auction, CPP is likely to attract interest from other private equity firms as well strategic buyers, the people said.
A spokeswoman for New York-based Warburg declined to comment. A representative for CPP didn’t immediately respond to requests seeking comment.
Warburg agreed in 2011 to buy CPP, then based in Pomona, California, from peer Arlington Capital Partners for an undisclosed sum. The private equity firm has since backed the aerospace and defense manufacturer with multiple acquisitions, notably titanium castings maker Selmet Inc. in July.
CPP’s parts are used in commercial planes including the Boeing Co.’s 737 and Airbus SE’s 320, as well as military aircraft including the F-35 Joint Strike Fighter, according to Warburg’s website. CPP provides parts and services to companies including General Electric Co., Honeywell International Inc., Pratt and Whitney Engine Services Inc. and Lockheed Martin Corp.
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