CT company with historic roots to be sold for $3.6B. Here’s what is known.

Barnes Group Inc. , which traces its roots in Connecticut back 167 years, said it has agreed to be acquired by private equity funds in a deal valued at $3.6 billion that also will take the company private.

Apollo Global Management Inc. expects to complete the acquisition of the Bristol-based aerospace and industrial component manufacturer in the first three months of 2025. The company will continue to operate under the Barnes name and brand.

Barnes employs 5,700 overall, with 525 in Connecticut. In addition to its corporate office in Bristol, Barnes operates plants in Windsor and East Granby, both focused on the aerospace component business.

How the current employment in Connecticut will fare after Apollo takes over has yet to be determined, according to William E. Pitts, a Barnes spokesman.

“As we go through the process of not being a public company and being a privately-held company, we’ll be working through that transition with the Apollo team,” PItts said, in an interview. “I have no information on what that means. We’ve spoken to our employees about what we know. And there are some things we don’t know. But our promise has been is to keep people informed as we go through this process.”

Thomas J. Hook, Barnes’ president and chief executive, said the company recently has reshaped its portfolio, invested in its business and strengthened its financial performance. The acquisition will give the company the opportunity to “accelerate our transformation, enhance our capabilities, broaden our product offerings and create new opportunities for growth and innovation.”

“Apollo has a 35-year track record of investing in companies like Barnes that have leading businesses, strong teams and solid performance, and helping to position them for long-term sustainable growth,” Hook said, in a release.

In a release, Apollo said it believes the gains made by Barnes can best be built upon as a private company.

Barnes was founded in 1857 to a small company in Bristol that made springs for clocks and hoop skirts. In 1923, the company becomes the Associated Spring Corp. and becomes publicly traded for the first time in 1946, its shares selling over-the-counter. The company was listed on the New York Stock Exchange in 1963.

The company’s name was changed to the Barnes Group in 1976, as it embarked on an expansion into the aerospace manufacturing business and opened offices outside of the United States.

The definitive agreement to sell Barnes, approved by the company’s board of directors Sunday, values each share at $47.50 in cash. The agreed upon purchase price represents a 5% premium over Friday’s closing price of $45.26, according to Yahoo Finance. Shares had risen nearly 13% since Thursday after Reuters reported Apollo was in talks to purchase Barnes.

Kenneth R. Gosselin can be reached at kgosselin@courant.com .