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January 17, 2024

Barnes Group to sell off two businesses for $175M

COSTAR Barnes Group's Main Street headquarters in Bristol.

Barnes Group has agreed to sell two of its businesses to a private equity firm for $175 million in a move that company officials said will help pay down debt.

Barnes, a Bristol-based advanced manufacturing company in the aerospace and industrial sectors, is selling its Associated Spring and Hänggi businesses to One Equity Partners in a deal expected to close early this year, subject to regulatory and other customary closing conditions. The two brands are part of Barnes’ motion control solutions business unit within its industrial segment, which serves the automotive and other markets.

According to Barnes, net proceeds from the sale will help the company pay down debt incurred from its acquisition of MB Aerospace in Aug. 2023. At the time, Barnes purchased U.K.-based MB Aerospace for $740 million, one of Barnes’ largest acquisitions ever.

Barnes President and CEO Thomas J. Hook said the sale, paired with the recent acquisition of MB Aerospace, are examples of the company’s commitment to simplify its industrial segment, an effort that began more than a year ago.

"Over the past year, we have been executing a comprehensive business transformation strategy based on three key pillars — Execute Core Business; Scale Aerospace; and Integrate, Consolidate & Rationalize Industrial — to generate improved growth, profitability, and cash flow at Barnes. Informed by a comprehensive strategic review of our business by independent advisors, we have continuously shared progress updates on our journey. Today’s announced divestiture demonstrates a leap forward in rationalizing our Industrial business and rebalancing our portfolio toward our industry-leading aerospace business,” Hook said.

The two businesses had about $200 million in revenues over the last 12 months and have more than 800 employees worldwide, Barnes said.

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