Download and read the December 2023 issue of the A&D Aftermarket Monthly, covering the latest M&A deal activity and valuation trends in the aerospace & defense manufacturing sector, including companies providing maintenance, repair & overhaul (MRO) services, parts manufacturer approval (PMA) and replacement parts, distribution and logistics, supplemental type certificate (STC) and modifications, supply chain management and aftermarket services. Sign up for the A&D Aftermarket Monthly distribution list to stay up-to-date on the headline acquisitions impacting your market and the current dynamics of the publicly traded strategic companies within the industry.
Key A&D Manufacturing Deals Announced
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Description
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Target: Chandler, AZ-based Salt River Aviation supplies and provides APUs, components, and related services to the aviation ecosystem including maintenance, repair, and overhaul providers, OEMs, airlines, lessors, and aftermarket distributors. The company provides Boeing and Airbus parts and Honeywell and Pratt & Whitney APUs.
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Buyer: Cleveland, OH-basedWeinberg Capital is a private investment firm focused on sourcing, executing, and managing equity investments. The firm specializes in making investments in the manufacturing, business services, aviation services, consumer products, and distribution industries.
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Terms: Transaction announced on December 20, 2023. Terms not disclosed.
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The Product Support Group business of
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Target: Grand Prairie, TX-based Product Support Group business of Triumph Group (NYSE: TGI) provides maintenance, repair and overhaul services for structural components, engine and airframe accessories, interior refurbishment and wheels and brakes to private sector and U.S. federal government aerospace and defense markets.
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Buyer: Wood Dale, IL-based AAR (NYSE: AIR) is a global aerospace and defense company that provides aviation services to commercial and government customers, including maintenance, repair, overhaul, and fleet management services.
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Terms: Transaction announced on December 21, 2023. The purchase price was $725M, 2.3x and 11.7x FY2024E revenue and EBITDA, respectively, net of tax benefits.
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Target: Canada-based South Breeze Aviation provides aircraft maintenance services. The company specializes in daily maintenance checks, 24/7 AOG (aircraft on ground) support, and same day turnaround services. The company offers services in Vancouver, Kelowna, Abbotsford, Comox, and Victoria.
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Buyer: Mexico-based Aviation Integrated Services Group provides aircraft services dedicated to the commercial airline industry. The company focuses on line maintenance performance, spare parts storage, and providing on-call emergency support. Additionally, the company is a FAA and EASA certified part 145 repair station and holds approvals from Transport Canada.
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Terms: Transaction announced on December 26, 2023. Terms not disclosed.
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a portfolio company of
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Target: Southwick, MA-based KTI Aircraft Maintenance provides AOG (aircraft on ground) services at Hartford's BDL airport. The company provides freight and passenger airlines with aircraft maintenance services through its licensed A&P mechanics and its FAA 145 repair station. The company also operates provides services to the Manchester-Boston Regional Airport.
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Buyer: Bensenville, IL-based FlightcheckCommercialAviation Services provides aircraft maintenance services. The company’s capabilities include technical handling, aircraft de-icing, and limited ground handling at O’Hare International Airport. Additionally, the company is a FAA and EASA certified part 145 repair station.
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Terms: Transaction announced on December 29, 2023. Terms not disclosed.
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