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TransDigm completes $1.066 billion purchase of Prince & Izant

TransDigm completes $1.066 billion purchase of Prince & Izant

Money Moves

Private equity firm Industrial Growth Partners exits the brazing-alloy maker after four years that doubled its earnings

Today: Industrial Growth Partners confirms the sale

Overview

Updated 2 hours ago

Industrial Growth Partners bought control of Prince & Izant, a Cleveland maker of brazing alloys and specialty metal components, in June 2022. On September 28, 2026, it sold the company to aerospace supplier TransDigm Group for $1.066 billion in cash — roughly 2.7 times the company's projected 2026 revenue of $390 million.

For TransDigm, the deal fits a familiar pattern: buy a niche supplier of proprietary parts with a strong aftermarket stream. Prince & Izant's alloys go into jet engine fuel nozzles and rocket engines, and the majority of its revenue comes from aftermarket sales.

Why it matters

TransDigm keeps consolidating niche aerospace parts supply — Prince & Izant makes the alloys inside jet engines and rockets, with most revenue from aftermarket parts.

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Key Indicators

$1.066B
Purchase price
TransDigm paid cash for Prince & Izant, including certain tax benefits.
$390M
Projected 2026 revenue
Raised from a $360 million estimate when the deal was announced in July.
2.7x
Revenue multiple
Purchase price divided by projected 2026 revenue.
2x
EBITDA growth under IGP
Industrial Growth Partners says earnings before interest, taxes, depreciation and amortization more than doubled during its ownership.
~220
Employees
Prince & Izant employs roughly 220 people across four plants.

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People Involved

Organizations Involved

Timeline

June 2022 September 2026

4 events Latest: Today
Tap a bar to jump to that date
  1. Industrial Growth Partners confirms the sale

    Today Announcement

    IGP announces the sale has closed, marking the end of its four-year hold and its exit from the investment.

  2. TransDigm completes the acquisition

    Closing

    The purchase closes for cash. TransDigm raises its revenue estimate for Prince & Izant to about $390 million for calendar 2026.

  3. TransDigm announces deal to buy Prince & Izant

    Merger agreement

    TransDigm enters a definitive agreement to acquire Prince & Izant for about $1.066 billion in cash, expecting about $360 million in 2026 revenue.

  4. IGP recapitalizes Prince & Izant

    Private equity

    Industrial Growth Partners, management and outside investors recapitalize the company, beginning a four-year ownership.

Scenarios

1

Prince & Izant clears its $390 million revenue target

Possible Resolves by Nov 30, 2027

Discussed by: Equity analysts covering TransDigm on the NYSE

TransDigm integrates the company into its portfolio, aftermarket demand holds, and the business reports revenue at or above the $390 million forecast it raised at closing. Management commentary on TransDigm's earnings calls would confirm the trajectory.

2

Prince & Izant revenue falls short of the forecast

Possible Resolves by Nov 30, 2027

Discussed by: Analysts who note the $30 million forecast upgrade at closing came without explanation

The raised revenue estimate proves aggressive. Softening aftermarket demand, integration friction or slower specialty-metals orders push reported revenue below $390 million.

3

TransDigm builds a specialty-metals platform around Prince & Izant

Possible Resolves by Q1 2028

Discussed by: Deal-watchers citing TransDigm's history of bolt-on acquisitions

If integration goes smoothly, TransDigm uses Prince & Izant as a base for further alloys and specialty-metals purchases, widening its materials capability and aftermarket stream.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

February 2018 - March 2019

TransDigm acquires Esterline Technologies (2018-2019)

TransDigm announced its largest acquisition to date, Esterline Technologies, a maker of aerospace electronics, sensors and engineered materials. The roughly $4 billion deal was announced in February 2018 and closed in March 2019.

Then

Esterline was folded into TransDigm's portfolio, expanding its reach beyond simple components into avionics and sensing.

Now

The deal showed TransDigm's appetite for large bolt-on purchases of proprietary aerospace technology. It continued acquiring niche suppliers afterward.

Why this matters now

The Prince & Izant purchase follows the same playbook on a smaller scale: buy a proprietary, mission-critical supplier and bolt it onto an existing aerospace portfolio.

May 2019

House probes TransDigm spare-parts pricing (2019)

The House Oversight Committee investigated TransDigm's pricing of spare parts sold to the Pentagon, finding the company had sharply marked up sole-source military parts. TransDigm executives appeared before the committee.

Then

TransDigm agreed to repay the Defense Department for the overcharges and defended its aftermarket pricing as a deliberate model.

Now

The episode spotlighted the pricing power that comes from owning proprietary parts with no competition in the aftermarket.

Why this matters now

Prince & Izant derives most of its revenue from aftermarket sales of proprietary alloys — precisely the kind of sole-source revenue that defines TransDigm's model and has drawn scrutiny in the past.

Sources

(9)