Bridgepoint sells firm for $600m

Private equity group Bridgepoint yesterday sold portfolio company Permaswage for $600m (£393.5m) to US business Precision Castparts. The sale is a return of 2.5 times for Bridgepoint’s original stake, which it took in 2007. Permaswage makes aeroplane parts and is based in California, Paris and Suzhou. Bridgepoint said it will retain Permaswage’s power division, DMC Power, as part of the sale terms. Lazard advised on the sale.