It was back in 1929 that Norman Alexander started Sequa Corp. (NYSE: SQA.A), a major industrial conglomerate (with operations in aerospace, automotive, metal coating, specialty chemicals and industrial machinery). However, late last year, he died. And that is often something that leads to the sale of a company.That happened today, when Sequa agreed to a $2.7 billion from the Carlyle Group.
Sequa is definitely a solid company. In the most recent quarter, revenues were $526.7 million and net income was $11.3 million.
As for Carlyle, it has extensive experience in aerospace and automotive. For example, the company recently purchased the Allison Transmission segment from General Motors (NYSE: GM). Thus, the deal should be a nice fit for Carlyle.
It's also a nice pick-up for Sequa shareholders. On the news of the deal, the stock price surged $59.56 to close at $173.41.
If you want to see more recent M&A deals, click here.
Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.
