BofA Leads Term Loan for Wesco Aircraft Holdings Buy
Wesco Aircraft Holdings announced that it entered into an agreement to acquire Haas Group for $550 million in cash, subject to certain closing adjustments, from certain investment funds affiliated with The Jordan Company L.P.
The acquisition is expected to be financed by a new $525 million term loan B facility to be added to the company’s existing senior secured credit facilities, cash on hand and drawings under the company’s existing revolving credit facility, with the Term Loan B expected to be provided by a group of lenders led by BofA Merrill Lynch.
Wesco expects the acquisition, which has been unanimously approved by the boards of directors of Wesco and Haas, to close by the end of the first calendar quarter of 2014, subject to customary closing conditions.
Evercore is acting as financial advisor, and Latham & Watkins LLP is serving as legal advisor to Wesco. Harris Williams & Co. is acting as financial advisor and Mayer Brown LLP is serving as legal advisor to The Jordan Company.
Randy Snyder, chairman and CEO of Wesco said, “We are very excited about this opportunity to bring Haas and its outstanding employees into the Wesco family. We believe that the acquisition of Haas will provide significant opportunities for Wesco to continue growing at above-market rates. The culture, capabilities, and scope of Haas’ global business are an ideal fit for the Company. The acquisition of Haas will add over 125,000 SKUs, value added supply chain management solutions and a world class group of over 1,300 employees to Wesco.”
Thad Fortin, CEO of Haas added, “We are excited to be working with a company with the reputation and proven performance of Wesco, and for the many opportunities this combination will bring for Haas employees. We believe this combination will further strengthen the value proposition for our customers, and we look forward to contributing to Wesco’s continued growth and success.”
Wesco is one of the world’s largest distributors and providers of comprehensive supply chain management services to the global aerospace industry.
West Chester, PA-based Haas is a global provider of chemical supply chain management (CSCM) solutions to the commercial aerospace, airline, military, energy, and other markets.
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