Global investment firm The Carlyle Group today closed its purchase of StandardAero from Veritas Capital. The Carlyle Group had US$216 billion ($289 billion) of assets under management as of December 31, 2018, which is when the deal was originally announced.
“StandardAero has established itself as one of the true leaders in the MRO industry,” said Adam 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.”
Founded in 1911, StandardAero today is one of the world’s largest independent providers of services like engine and airframe maintenance, repair and overhaul, engine component repair, engineering, interior completions and painting.
“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, which has more than 6,000 employees at 38 primary locations and dozens of field services and sales offices across five continents.