Latham & Watkins Advises Carco PRP Group in Acquisition of SKF’s Precision Elastomeric Device Operation
Latham & Watkins advised Carco PRP Group, a leading manufacturer of sealing components, on an agreement to divest SKF’s precision elastomeric device (PED) operation in Elgin, Illinois, USA. Additionally, with the completed divestment of SKF’s Hanover operation to Carco PRP Group in April 2025, SKF is expected to have successfully divested its aerospace business with a focus on core aerospace areas and exit of non-strategic business lines.
The Elgin PED operation represents 2024 annual sales of approximately SEK 260 million. It is divested to Carco PRP Group for a total estimated enterprise value of US$70 million, corresponding to approximately SEK 700 million.
Latham & Watkins LLP advised Carco PRP Group in the transaction with a corporate deal team led by Milan partner Antonio Coletti, Boston partner Todd Gleason, and Boston counsel Stefanie Vincent, with associates Sue Kim and Michael Pioso. Advice was also provided on tax matters by New York partner David Raab, with associate Ashley Flor; on intellectual property matters by Washington, D.C. counsel Kieran Dickinson, with associate Kellye Quirk; on data privacy and cybersecurity matters by Bay Area partner Heather Deixler, with associates Priyanka Crissman and Sarah Zahedi; on benefits and compensation matters by New York partner Max Raskin, with associate Rebecca Fishbein; on labor matters by Chicago partner Nineveh Alkhas, with associate Jocelyn Wexler; on CFIUS matters by Washington, D.C. counsel Ruchi Gill, with associates Elliot Hecht and Dillon Curtis; on export control matters by Washington, D.C. partner Andrew Galdes, with associate Matthew Crawford; on anti-corruption matters by Washington, D.C. partner Joseph Bargnesi, with associate Jay Winkelman; on environmental matters by Washington, D.C. partner Devin O’Connor, with associate Bruce Johnson; on US antitrust matters by Washington, D.C. partner Peter Todaro, with counsel Keith Klovers; on ex-US antitrust matters by Brussels partner Héctor Armengod, Hamburg partner Jana Dammann, with associate Enno Mensching; on government contracts matters by Washington, D.C. partner Kyle Jefcoat, with associate Genevieve Hoffman; on insurance matters by Los Angeles partner Harrison White, with associate Cole Frost; on real estate matters by San Diego partner Stephanie Fontanes; and on finance matters by Chicago partner Cindy Caillavet and Chicago counsel Colin O’Regan, with associates Bryce McCarthy and Francesca Seber.