FARMINGTON, Conn. (AP) — EDAC Technologies Corp. said Monday that its board has agreed to sell the aerospace and industrial company to an affiliate of private equity firm Greenbriar Equity Group LLC for about $93.2 million.

Under the terms of the agreement, Greenbriar will pay $17.75 per share for the Farmington, Conn.-based company. The price represents an 8 percent premium over EDAC’s Friday closing stock price of $16.44.