The Jordan Company, Nautic Partners to Exit PEP in $615M Deal
August 19, 2015
The Jordan Company and Nautic Partners have entered into a definitive agreement to sell portfolio company Precision Engineered Products to NN (NASDAQ: NNBR) in a $615 million cash transaction. PEP is a full-service global manufacturer of highly engineered precision solutions used in end markets including medical, electrical control & distribution, transportation and aerospace. Certain key products the company provides include surgical staple loaded cartridges, laparoscopic devices, various surgical instruments and dental & medical implants. The Jordan Company initially backed PEP out of The Resolute Fund II, a $3.6 billion vehicle that closed in 2008, while Nautic invested via its $800 million Fund VI, which also closed in 2008. The transaction is expected to be immediately accretive to NN earnings and should close by the end of October.