Private Equity’s MRO Buyouts

In December 2018, private equity firm Liberty Hall Capital Partners bought Aircraft Performance Group, which offers proprietary flight operations software targeted at the aerospace aftermarket.

2019 kicked off with private equity firm Greenbriar Equity Group  investing in STS Aviation Group in a move to help aid the organic growth of the business along with potential acquisitions.

Carlyle took a stake in Nordam in a move that helped the MRO provider exit Chapter 11 bankruptcy protection, which it sought in mid-2018 after a contract dispute with Pratt & Whitney Canada over the PW800 nacelle system for corporate jets.

Earlier this year, private equity company Ardian sealed a majority stake in Revima, a repair specialist of APU, engine parts and landing gears. Before that, in January, Revima purchased Chromalloy France and Flight Watching.

U.S. parts supplier AvAir changed hands in February with backing from investment group Corrum Capital. AvAir President Mike Bianco became CEO via the management-led buyout with its new equity partner.

Sabena’s parent company TAT Group confirmed the sale on June 13 to the investment consortium comprised of three entities: French investment bank Bpifrance, Sagard, the Paris-based private equity arm of Power Corp. of Canada and British-U.S. investment company TowerBrook. Under the new ownership structure, TAT will retain a minority shareholding.

In December 2018, the Carlyle Group acquired MRO provider StandardAero, a leading MRO provider from private equity owner Veritas Capital for an undisclosed amount. Something of a private equity darling, the deal marked the second time Carlyle has bought StandardAero, having first acquired it in 2004 before selling it three years later.