Publicly traded TransDigm Group has agreed to acquire DART Aerospace, a portfolio company of Greenbriar Equity Group, for approximately $360 million in cash.
DART designs and manufactures components for helicopters including flotation systems, landing gears, interior and exterior accessories, load expanders, cable cutters, and filters. The company also provides related repair and overhaul services for its aftermarket and original equipment customers.
DART sells more than 5,000 products and has 1,100 Supplemental Type Certificates (STCs), documents issued by the FAA approving a product (aircraft, engine, or propeller) modification.
The Montreal-headquartered company is expected to have approximately $100 million in revenue in 2022. DART has approximately 400 employees and operates from four facilities in Hawkesbury, Ontario; Portland, Oregon; Fort Collins, Colorado and Chihuahua, Mexico.
TransDigm (NYSE: TDG), is a Cleveland-headquartered designer, producer and supplier of aircraft components. The company, led by CEO Kevin Stein, was founded in 1993 by Kelso & Company to acquire four aerospace companies – Adel Fasteners, Aero Products Component Services, Controlex Corporation and Wiggins Connectors – from IMO Industries.
“We are excited about the acquisition of DART Aerospace,” said Mr. Stein. “DART is an industry leader in helicopter mission equipment and its unique helicopter solutions fit well with our proprietary and aftermarket-focused value generation strategy. The company has established positions on a diverse range of new and existing rotary-wing platforms, strong aftermarket content and an outstanding reputation with its customers. As with all TransDigm acquisitions, we expect the DART acquisition to create equity value in-line with our long-term private equity-like return objectives.”
Greenbriar is an active investor in the supply chain, business services, and advanced manufacturing sectors. In March 2021, Greenbriar held an oversubscribed closing of Greenbriar Equity Fund V LP with total capital commitments of nearly $1.7 billion. The firm was founded in 1999 and is based in Rye, New York.
The buy of DART by TransDigm is expected to close during the second quarter of 2022.
© 2022 Private Equity Professional | March 15, 2022