Private equity firm Veritas Capital is set to buy StandardAero from Dubai Aerospace Enterprise Ltd.
Founded in 1911, StandardAero provides aircraft maintenance, repair and overhaul services to aviation customers, both commercial and military, in more than 70 countries. Terms of the transaction were not disclosed.
StandardAero has more than 3,500 employees and consists of 13 facilities scattered across the U.S., Canada, Europe, Singapore and Australia. The Bohemia, New York-based company also has 50 sales and field service locations.
In 2014, Veritas closed a $1.87 billion fund, the New York firm’s fifth. Veritas backs companies in education, communications, energy, government services, health care, national security and technology. Investments include: radio frequency circuit provider Aeroflex Holding Corp., aerospace parts manufacturer Anaren Inc., cyber security software provider BeyondTrust and Thomson Healthcare, which it bought in 2012 for $1.25 billion.
The StandardAero purchase is one of several aerospace deals announced in recent weeks. TransDigm Group (NYSE: TDG) recently agreed to buy aerospace assets from private equity-backed Pexco LLC for $496 million, while United Technologies looks to sell its Sikorsky Aircraft Corp unit, a Stratford, Connecticut-based manufacturer of aircraft.