Farsound Aviation Ltd has acquired Sterling Aircraft Products Inc, a Concord, Ontario-based distributor of fasteners used in the gas turbine engines of aerospace and power generation customers.
No financial terms were disclosed for the deal, which saw Farsound buy the company from the family of Sterling President Hans Pump.
Romford, U.K.-based Farsound provides maintenance, repair, and overhaul supply-chain management services to the aerospace and defence sectors. It said the deal will expand its product portfolio.
Farsound was acquired in 2011 by U.K. private equity firms Rubicon Partners and Grovepoint Capital.
Farsound Aviation Acquires Sterling Aircraft Products
18th July 2018
Farsound Aviation Limited (Farsound) are pleased to announce the acquisition of Sterling Aircraft Products Inc (Sterling) (www.sterlingaircraft.com) from the Pump family for an undisclosed amount.
Farsound specialises in the supply of C-Class, B-Class and other fast-moving consumable parts for a customer base that includes several of the world’s leading aero engine MRO organisations, and focuses on total supply chain management, from the forecast requirement through to parts on the production line. With its industry-leading forecasting expertise, Farsound consistently achieves 99.5% product availability for its customers.
Sterling, based in Toronto, Canada, has a very strong reputation for excellent customer service and is well reputed within the aerospace industry. As a distributor of high strength and high temperature fasteners used in gas turbine engines, Sterling has a broad portfolio of customers across aerospace and power generation. Sterling is an approved distributor for OEMs such as Rolls-Royce and Siemens, and works closely with OEMs and their sub-tiers to deliver reliable and cost effective supply solutions.
Kevin Sargent, Farsound’s Executive Chairman, commented: “Sterling represents a very good fit with Farsound Aviation. The two businesses complement each other extremely well with a high level of crossover in product, expertise and service levels offered. By leveraging the excellent reputation both companies have in their respective markets, and with an expanded product portfolio, there will be excellent opportunities to develop our combined customer base, particularly in the Americas.”
Hans Pump, Sterling’s President, added: “Joining forces with Farsound Aviation will open up real opportunities for synergy. Bringing together two companies with a shared vision, but each with its own geographical focus, promises an exciting future for both Farsound and Sterling.”
Farsound Aviation Ltd and Sterling Aircraft Products Inc will retain their individual trading names.