SCOTTSDALE, Ariz. --- Global investment firm The Carlyle Group (NASDAQ: CG) announced today that it has closed its purchase of StandardAero from Veritas Capital. StandardAero is a global provider of repair and maintenance services to the aviation industry.
“StandardAero has established itself as one of the true leaders in the MRO industry,” said Adam J. Palmer, Managing Director and Global Head of Aerospace, Defense and Government Services for The Carlyle Group. “We are excited to partner with the StandardAero team to continue supporting the Company’s growth and industry leadership.”
“Joining The Carlyle Group is a great honor and we look forward to working with this distinguished and experienced ownership team,” said Russell Ford, CEO of StandardAero.
Ramzi Musallam, CEO and Managing Partner of Veritas Capital said: “Veritas is pleased to have played an important role in StandardAero’s growth and success, and we believe the Company is well-positioned to continue its strong momentum. We thank Russ and the team for their successful partnership.”
StandardAero has more than 6,000 employees at 38 primary locations and dozens of field services and sales offices across five continents.
StandardAero is one of the world's largest independent providers of services including engine and airframe maintenance, repair and overhaul, engine component repair, engineering services, interior completions and paint applications. StandardAero serves a diverse array of customers in business and general aviation, airline, military, helicopter, components and energy markets. The company celebrated its 100th year of industry leadership in 2011.
The Carlyle Group is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $216 billion of assets under management as of December 31, 2018, Carlyle employs more than 1,650 people in 31 offices across six continents.
Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide, including those operating in the aerospace & defense, healthcare, technology, national security, communications, energy, government services and education industries.