Veritas Capital has closed its previously announced buy of StandardAero from Dubai Aerospace Enterprise Ltd for $2.1 billion. Based in Scottsdale, Arizona, Standard Aero provides aircraft maintenance, repair and overhaul services as well as extensive services and custom solutions for business aviation, commercial aviation, military and industrial power customers.
Scottsdale, AZ and New York, NY, July 8, 2015 – StandardAero and Veritas Capital today announced that an affiliate of Veritas has completed the acquisition of StandardAero from Dubai Aerospace Enterprise (DAE) Ltd. The transaction, which was announced on May 26, 2015, values the company at $2.1 billion.
With approximately 3,400 employees and a global service network of 13 primary facilities in the United States, Canada, Europe, Singapore and Australian, StandardAero is one of the world’s largest independent providers of aircraft maintenance, repair and overhaul (MRO) services. The company offers extensive services and solutions for business, commercial, and military aviation as well as industrial power customers in more than 70 countries around the world.
Russell Ford, Chief Executive Officer of StandardAero, said, “We are thrilled to partner with Veritas Capital to drive the next phase of growth for StandardAero. The Veritas team has extensive experience in the aerospace and defense industry, and we are eager to leverage their expertise to help the company grow its leadership position around the world.”
Ramzi Musallam, Managing Partner of Veritas Capital, said, “StandardAero is an exceptional company with a unique position in the MRO landscape and a long history of success. We look forward to working with Russell and the entire StandardAero team to continue innovating, delivering outstanding service to customers through a relentless commitment to excellence.”
StandardAero is one of the world’s largest independent providers of aircraft engine MRO services including engine and airframe maintenance, repair and overhaul, engine component repair, engineering services, interior completions and paint applications. StandardAero serves a diverse array of customers in business and general aviation, airline, military, helicopter, components, energy and VIP completions markets. StandardAero provides a global service network of 13 primary facilities in the U.S., Canada, Europe, Singapore and Australia, along with an additional 50 sales and field service locations. The company celebrated its 100th year of industry leadership in 2011. More information can be found on the company’s web site at www.standardaero.com.
About Veritas Capital
Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services to government and commercial customers worldwide including those operating in aerospace & defense, healthcare, technology, national security, communications, energy and education. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. For more information on Veritas Capital and its current and past investments, visit www.veritascapital.com.