KKR and CIRCOR International, a global manufacturer of flow control products for industrial, naval, and aerospace markets, today announced the signing of a definitive agreement to sell CIRCOR Aerospace, the Company's aerospace division, to Parker Hannifin Corporation, the global leader in motion and control technologies, for $2.55 billion. Funds managed by KKR first acquired CIRCOR for $1.8 billion in 2023 and will maintain ownership of CIRCOR's Naval and Industrial businesses.

With more than 75 years of heritage in fluid control, pneumatic, electromechanical, and actuation components and subsystems, CIRCOR Aerospace has established a leading position across commercial aerospace and defence end markets through its highly engineered, mission-critical products, long-standing customer relationships, and continued investment in innovation and manufacturing capabilities. This combination of Parker Hannifin and CIRCOR Aerospace brings together complementary capabilities, product portfolios, and platform exposures to create a stronger, more diversified aerospace and defence supplier with enhanced scale.

KKR acquired CIRCOR through its North America Fund XIII. The transaction reflects KKR's long-standing conviction in themes that are increasingly important in today's geopolitical environment, including defence modernisation and supply chain resilience. CIRCOR's Naval business, amongst other KKR private equity investments, will continue to provide KKR with exposure to these strategically important end markets.

"Today's announcement marks an exciting chapter for CIRCOR and reflects the tremendous work and dedication of the entire CIRCOR Aerospace team," said Saif Siddiqui, Chief Executive Officer of CIRCOR. "With KKR's support, the business strengthened its culture of ownership and execution, accelerating performance, and further establishing CIRCOR Aerospace as a world-class solution provider for our customers. We are pleased with the strong foundation the team has established and look forward to watching the business continue to grow as part of Parker Hannifin. In our next phase, we at CIRCOR remain dedicated to strengthening the Company's Industrial and Naval businesses through both organic growth and strategic acquisitions."

"CIRCOR Aerospace has created a highly differentiated business with proprietary solutions and deep customer relationships across critical aerospace and defence programmes, and we are grateful for everything they have achieved under our ownership," said Josh Weisenbeck, Partner at KKR that leads KKR's Industrials industry team within KKR's North American Private Equity platform. "This latest transaction underscores continued momentum across our industrials portfolio, marking our fourth realisation in the sector this year."

In early 2024, CIRCOR launched its broad-based employee ownership programme, making all CIRCOR employees owners of the Company. At transaction close, all CIRCOR employees will receive a dividend distribution funded by a portion of the sale proceeds and in recognition of the continued strong performance of CIRCOR's Industrial and Naval businesses. KKR sees meaningful opportunity to further scale both businesses going forward.

KKR and CIRCOR were advised by Goldman Sachs & Co. LLC and Evercore as financial advisors, and Kirkland & Ellis LLP as legal advisor on the transaction.

The transaction is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals.