Target
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Buyer
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Description
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 Thermal business
a portfolio company of
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Target: Laconia, NH-based Thermal business of Boyd is a designer and manufacturer of advanced thermal management systems including liquid cooling, vapor chambers, heat sinks, and air-cooling assemblies for aerospace, defense, industrial, and high-performance electronics applications. The company develops custom thermal solutions optimized for high-heat, mission-critical environments, delivering reliability and engineered performance.
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Buyer: Ireland-based Eaton is a diversified industrial manufacturer specializing in power management, hydraulic, pneumatic, and fuel systems for aerospace and defense. The company delivers integrated components and system-level solutions that enhance efficiency, safety, and performance across aircraft and defense platforms.
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Terms: Transaction announced on November 3, 2025. Purchase price is expected to be $9.5B, 5.6x and 22.5x FY2026P revenue and EBITDA, respectively.
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 a portfolio company of
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Target: Tempe, AZ-based Foresight Finishing is a provider of precious metal surface treatment for highly engineered products in private sector and U.S. federal government aerospace and defense markets. The company specializes in extremely tight tolerance copper, gold, nickel and nickel alloys, silver, and palladium plating.
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Buyer: Woodlands, TX-based Valence Surface Technologies is a provider of surface treatment, coating, and metal finishing services for aerospace, defense, and industrial components. The company offers anodizing, plating, conversion coatings, and passivation processes to enhance corrosion resistance, durability, and performance of critical parts.
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Terms: Transaction announced on November 3, 2025. Terms not disclosed.
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Target: Freeland, MI-based BGT Aerospace is a manufacturer of aeroengine and aircraft accessory components specializing in precision machined parts, assemblies and fabrications made from titanium, steel, Inconel and other high-performance alloys. The company delivers engine casings, compressor modules, structural assemblies and value-added machining for commercial, regional and military aircraft platforms.
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Buyer: Rockford, IL-based Kaney Aerospace is a precision-machining and fabrication company supplying complex metal components, structural assemblies, and mission-critical parts to aerospace and defense customers. The company provides machining, finishing, assembly, and quality-assured production.
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Terms: Transaction announced on November 3, 2025. Terms not disclosed.
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Target: Bloomfield Hills, MI-based Aerospace business of TriMas manufactures precision engineered components including blind bolts, fasteners, solid and blind rivets, and hydraulic and pneumatic. The business is comprised of the Monogram Aerospace Fasteners , Allfast Fastening Systems®, Mac Fasteners , Martinic Engineering , TFI Aerospace, TriMas Aerospace Germany, RSA Engineered Products , and Weldmac Manufacturing Company brands.
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Buyer: New York, NY-based Tinicum Capital is a private investment firm that specializes in longterm equity investments across industrial, manufacturing, and aerospace-related companies. The company partners with management teams to support growth, operational improvement, and value creation in its portfolio businesses.
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Terms: Transaction announced on November 4, 2025. Purchase price is expected to be $1.5B, 3.9x and 18.0x LTM Q3-25 revenue and EBITDA, respectively.
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