NEW YORK (Oct. 18)—K&F Industries Inc., a maker of aircraft wheels, brakes and anti-skid systems and parent of fuel tank producer Engineered Fabrics Corp., has agreed to be acquired by an affiliate of Aurora Capital Group for $1.06 billion in cash.
The transaction is expected to close in November, subject to customary and regulatory approvals. K&F Industries, which reported $342.8 million in sales last year, is jointly owned by Bernard L. Schwartz and Lehman Brothers Merchant Banking.
Aurora Capital Group is a Los Angeles-based investment firm that acquires and builds companies in partnership with operating management. Lehman Brothers Inc. and Stephens Financial Group served as financial advisers to K&F in connection with the acquisition.
K&F, through its Engineered Fabrics unit, said it is the leading manufacturer worldwide of aircraft fuel tanks, as well as a producer of aircraft iceguards, inflatable oil booms and other products made from coated fabrics for commercial and military applications. Engineered Fabrics, the former Goodyear coated fabrics subsidiary, generated sales of $55.3 million last year.