Dubai Aerospace Enterprise announced the signing of an agreement to sell 100% of StandardAero to an affiliate of Veritas Capital. Terms of the transaction were not disclosed.
DAE managing director Khalifa H. AlDaboos said: “StandardAero is one of the world’s largest independent MRO platforms with clients in over 70 countries. DAE acquired StandardAero in 2007 and since then has nurtured and built its market leading position. This transaction will allow StandardAero to accelerate its growth by leveraging Veritas’ global relationships and in-market presence.”
“DAE will now redeploy capital and refocus its efforts on building a world-class aerospace footprint anchored in Dubai. We will focus on both organic and inorganic opportunities. DAE Capital will also aggressively acquire aircraft assets to expand its aircraft leasing portfolio with a current net book value of $3.7 billion.”
“StandardAero is an independent provider of aircraft engine MRO services in North America and we are very excited for the opportunity to partner with StandardAero’s leadership team to help drive its next phase of growth, including expanding the company’s presence globally. Without a doubt, StandardAero’s greatest asset is its world-class employee base and we look forward to building upon the strong foundation created by this talented organization over its 100+ year history. We remain committed to differentiating StandardAero in the marketplace, by continuing to deliver technology-enabled solutions to support our customers’ most exacting requirements,” said Ramzi Musallam, managing partner of Veritas.