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It’s official, one of the most recognizable names in Connecticut manufacturing, Barnes Group, has been acquired by private equity firm Apollo Global Management in a $3.6 billion deal.
The deal was first announced in October and received shareholder approval earlier this month.
Both companies announced the deal was complete Monday morning.
Under the terms of the agreement, Barnes shareholders will receive $47.50 per share in cash. Barnes’ common stock has also ceased trading, and will be delisted from the New York Stock Exchange.
There was no clarity provided on how the sale will affect Barnes’ headquarters in Bristol, leadership structure or workforce.
In a written statement, Barnes President and CEO Thomas J. Hook said, “Under Apollo Funds’ ownership, we are well positioned to accelerate our transformation strategy, enhance our capabilities and broaden our product offerings to create new opportunities for increased growth and innovation.”
Antoine Munfakh, a partner at Apollo, said “We are excited to reach this milestone with the Barnes team and for the tremendous opportunity to accelerate the growth of the Company’s strong portfolio of businesses across the aerospace and industrial sectors.”
Barnes Group’s history stretches back to 1857 in Bristol. Its predecessor company, Associated Spring, was taken public in 1946.
The company makes precision components for aerospace and a range of other industries.
As of Dec. 31, 2023, Barnes Group employed about 6,500 people worldwide. Approximately 25% were in the Asia-Pacific region; 45% in the Europe, Middle East and Africa; and approximately 30% in the Americas region, the company disclosed in its most recent annual report.
The deal with Apollo came about as the result of a portfolio shakeup undertaken by Barnes, initiated by Hook when he took over as CEO in July 2022.
Under that strategy, the company has focused more closely on its aerospace segment. That included the largest acquisition in Barnes’ history, when it bought UK-based MB Aerospace in a $740 million deal in 2023.
In tandem with the aerospace expansion, Hook has also been consolidating and shrinking the industrial portion of Barnes’ business, including the sale of its legacy Associated Spring segment to New York-based One Equity Partners.
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