KKR announced the sale of CIRCOR Aerospace to Parker Hannifin Corporation (NYSE: PH) for $2.55 billion. The transaction involves the aerospace division of CIRCOR International, a manufacturer of flow control products for industrial, naval, and aerospace markets.

KKR acquired CIRCOR for $1.8 billion in 2023 through its North America Fund XIII and will retain ownership of CIRCOR's Naval and Industrial businesses following the aerospace division sale. CIRCOR Aerospace specializes in fluid control, pneumatic, electromechanical, and actuation components for commercial aerospace and defense markets.

The transaction is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals. All CIRCOR employees will receive a dividend distribution funded by a portion of the sale proceeds at transaction close, according to the company's employee ownership program launched in early 2024.

"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.

Josh Weisenbeck, Partner at KKR, noted this marks the firm's fourth realization in the industrials sector this year. Goldman Sachs & Co. LLC and Evercore served as financial advisors to KKR and CIRCOR, with Kirkland & Ellis LLP providing legal counsel.

CIRCOR International, founded in 1999 and headquartered in Burlington, Massachusetts, employs approximately 3,500 people and serves more than 14,000 customers in approximately 100 countries.