Wesco Aircraft Holdings Inc. (NYSE: WAIR) is buying Haas Group Inc. for $550 million.
Haas, headquartered in West Chester, Pa., provides services to the commercial aerospace, airline, military and energy markets. Services include sourcing and procurement, inspection and quality assurance, warehousing and inventory management and process control and user management.
The target was backed by private equity firm the Jordan Co., which invested in Haas in 2006. Jordan, founded in 1982, has about $7 billion in committed capital under management.
Valencia, Calif.-based Wesco distributes and provides supply chain management services to the aerospace industry. The company also distributes airplane parts.
Patrick McNulty, Chris Rogers, Jon Nemo, Darwin Olympia, Brad Morrison and Jay Beekman from Harris Williams & Co. provided financial advice to Haas. Phil Brandes and Greg Conroy from Mayer Brown LLP provided legal advice to Haas.
The aerospace sector has hosted many transactions recently, including Genstar Capital’s purchase of components manufacturer Tecomet Inc.in December, and Textron Inc. (NYSE: TXT), which acquired two flight simulation and aircraft training product companies.