Gallery: Aftermarket M&A Activity In 2023

In March 2023, U.S.-based aftermarket specialist AAR acquired Trax, the aircraft MRO and fleet management software provider. At the time of the announcement, AAR disclosed that the deal was worth approximately $120 million. The company said that the acquisition will further enhance its digital strategy for its aftermarket customer base.

In May, Heico announced its intention to acquire commercial and military aftermarket services provider Wencor Group by the end of 2023. Heico confirmed that the deal would be worth $2.05 billion and be comprised of a combination of cash and stock.

Engine Leasing Finance Corp. (ELFC) finalized the purchase of the remaining shares of INAV in May 2023 and set out plans to expand the engine portfolio of the Chicago-based engine parts specialist. Under the terms of the buyout, the Shannon-based company will now have a 100% shareholding of the business. It initially took a 60% stake in INAV in 2017 and gradually acquired the remaining 40% over the past the past three years.

In a move highlighting further consolidation in the engine segment, last month saw Barnes announce that it is buying engine components specialist MB Aerospace for $740 million. The acquisition will boost Barnes’ MRO platforms. MB Aerospace is headquartered in Motherwell, Scotland in the UK, and operates sites in its homebase, the U.S., Poland and Taiwan. The engine component specialist supplies more than 100 aero-engine platforms.

VSE Corp., an MRO provider and aftermarket distributor, finalized a $124 million acquisition of Desser Aerospace in July 2023. Desser Aerospace specializes in aftermarket distribution, MRO and parts manufacturer approval (PMA) services and operates locations in the U.S., UK and Australia.

U.S. line maintenance provider FEAM Aero and its Danish MRO subsidiary Northern Aerotech (NAT) announced the acquisition of SR Technics’ aircraft line maintenance business at Adolfo Suarez Madrid-Barajas Airport in Madrid. The acquisition is part of FEAM’s plan to establish a presence in Madrid as part of a wider growth plan for its NAT business. The acquisition will give the company access to a widebody aircraft center that supports line maintenance scheduled activities and AOG recovery on Airbus A330, A350, A380 and Boeing 787 and 777 aircraft.

Belgian MRO Sabena Engineering Group acquired a 70% stake in UK-based Aircamo in July 2023. Aircamo has operated in Wales since 2015 and specializes in minor aircraft and engine repairs. Its Manchester-based Aircamo Aviation business provides asset management and airworthiness services for both commercial and business aircraft.

Domusa announced the acquisition of France-based Gersois Equip'Aéro, a specialist in the design and maintenance of engine equipment and embedded systems. The acquisition, confirmed last month, now means that Domusa has a presence in Paris and Toulouse in France as well as Switzerland, United Arab Emirates and India.