StandardAero has entered into exclusive negotiation to buy Vector Aerospace from Airbus.
StandardAero Aviation Holdings which is owned by Veritas Capital, and Airbus have announced that they have entered into exclusive negotiations for purchase of Vector Aerospace from Airbus.
Vector Aerospace is a Canadanian based maintenance, repair and overhaul (MRO) company that provides fixed and rotary wing aircraft support for turbine engines, service and components. Sales in 2016 were reported as $700m.
The company employs approximately 2,200 people. The proposed transaction is subject to workers’ council consultation, signing of definitive agreements and customary approvals, such as regulatory clearances.
Airbus has reported to have been looking for a buyer as part of a broader strategy to refocus on its core business, and this follows purchase by Airbus Helicopters company Eurocopter in 2011 for $641m.
Prospective buyers StandardAero provide global independent MRO services including engine and airframe, engine component repair, engineering, interior completions and paint applications; and has a diverse array of customers in private and business aviation, airline, military, helicopter, components, energy and VIP completions markets.
The company was purchased by a New York-based private equity firm, Veritas Capital in 2015.