DAE Announces Sale of StandardAero to Veritas Capital
May 26 2015 - 9:22AM
Business Wire
Dubai Aerospace Enterprise (DAE) Ltd. announced the signing of a
definitive 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 the leading 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.
Musallam continued, "StandardAero is a cornerstone investment of
Veritas Capital Fund V and creates a new strategic platform for
Veritas in commercial and military aerospace. We look forward to
applying our deep investment experience within the aerospace market
to support the growth of StandardAero."
DAE was advised by Moelis & Company. Legal counsel was
provided by Freshfields Bruckhaus Deringer.
Dubai Aerospace Enterprise (DAE) Ltd is a globally recognized
aerospace company specializing in maintenance, repair and overhaul
(MRO) services, aircraft completions and aircraft leasing. The
Company is headquartered in Dubai and operates in four continents
and employs approximately 3,500 people. www.dubaiaerospace.com
Veritas Capital is a leading private equity firm that invests in
companies that provide critical products and services to government
and commercial customers worldwide including those operating in
aerospace & defense, healthcare, technology, national security,
communications, energy and education. www.veritascapital.com
*Source: ME NewsWire
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DAESuzanne Samaan,
+971-4-361-3869press.office@dubaiaerospace.com