Thu, Dec 20, 2018
Deal With Veritas Capital Expected To Close In Early 2019
Global alternative asset manager The Carlyle Group has agreed to acquire StandardAero, a provider of aftermarket engine maintenance, repair and overhaul (MRO) services for the aerospace and defense industries, from Veritas Capital. The transaction is subject to customary regulatory conditions and is expected to close by the end of the first quarter of 2019. Financial terms were not disclosed, though some industry analysts have estimated the value of the transaction at about $5 billion, according to media reports.
"We are excited to partner with The Carlyle Group, and we thank Veritas Capital for its support and partnership. We look forward to working with Carlyle to further our aggressive growth trajectory as we continue providing world-class services to our customers as one of the world’s best and largest independent MRO service providers,” said Russell Ford, CEO of StandardAero.
"Russell Ford and the StandardAero team have built a reputation for industry-leading capabilities and customer service. StandardAero is well positioned in an attractive market and we look forward to building on its strong foundation by helping it grow and meet evolving customer needs,” said Adam J. Palmer, Managing Director and Global Head of Aerospace, Defense and Government Services for The Carlyle Group.
"We have enjoyed our successful partnership with StandardAero. Russ and the StandardAero team have generated robust growth while consistently delivering outstanding services to customers through a relentless commitment to excellence," said Ramzi Musallam, CEO and Managing Partner of Veritas Capital. "The StandardAero partnership underscores Veritas’ commitment to growing and adding lasting value to businesses in the aerospace and defense industries. We wish the StandardAero management team all the best in their next phase of growth.”
Founded in 1911, StandardAero is one of the world’s largest independent MRO providers offering extensive services and custom solutions for commercial aviation, business aviation, military and industrial power customers. As an OEM-aligned strategic partner, StandardAero has developed a reputation for quality and performance that drives a sustainable competitive advantage and positions the company for future growth.
(Source: The Carlyle Group news release)
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