Wesco Completes Aerospace Services AcquisitionMonday, March 3, 2014
Wesco Aircraft Holdings Inc. has closed on its acquisition of a supply-chain management firm serving the aerospace industry in a deal valued at $550 million.
The Valencia-based aerospace supplier adds 1,300 employees and 35 distribution hubs worldwide with its acquisition of Haas Group Inc. Wesco is financing the purchase of the West Chester, Pa. company with a seven-year term loan of $525 million, an existing credit facility and cash.
Chairman and Chief Executive Randy Snyder said the acquisition, which closed Friday, expands Wesco’s presence and provides additional services and products for existing customers.
“Through our collaboration with Haas, we now provide value-added services along with aircraft hardware, electrical components, machined parts, bearings and chemicals that are necessary to build and maintain aircraft, all on a global scale,” said Snyder, in a prepared statement.
Wesco has completed a series of acquisition since it was taken public by Carlyle Group in a July 2011 IPO that raised $315 million. The Washington D.C. private equity firm bought a majority stake in Wesco in 2006 when it was privately held.
Since then, Carlyle has reduced its stake to less than a third of outstanding shares but remains the largest single shareholder.
Shares closed down 4 cents, or a fraction of a percent, to $21.65 on the New York Stock Exchange.