Air Transport World

CDR, Allianz Capital purchases Fairchild.(Clayton, Dubilier & Rice)(Brief Article)(Statistical Data Included)

Clayton, Dubilier & Rice (CD&R), a private equity investor, and Allianz Capital Partners, an affiliate of the Munich-based Allianz Group, will purchase Fairchild Aerospace Corp. for $1.2 billion. The acquisition is not a surprise except for the addition to the deal of ACP (ATW, 12/99). The transaction includes $400 million in growth capital from CD&R and ACP and debt financing of nearly $800 million from a consortium of German commercial banks and other institutions.

The takeover will result in the removal of Fairchild Chairman and CEO Carl Albert from office. Charles P. Piper, a principal of CD&R and a former GE executive, will succeed Albert, who will remain on the board. …

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