TransDigm announces acquisition of Dart Aerospace

TransDigm Group Incorporated announced that it has entered into a definitive agreement to acquire Dart Aerospace ("Dart" or "the Company"), a portfolio company of Greenbriar Equity Group, L.P. and First Aviation Services Inc., for approximately $360 million in cash.

Dart is headquartered in Montreal, Quebec. The Company is a leading provider of highly engineered, unique helicopter mission equipment solutions that predominantly service civilian aircraft. The Company is expected to generate approximately $100 million in pro forma revenues for the calendar year ending December 31, 2022. Approximately 95% of Dart's revenues are derived from proprietary products and about 80% of Dart's revenues comes from the aftermarket. The products have a strong presence across major commercial rotary-wing platforms as well as select applications for defense and safety services. The Company employs approximately 400 people and operates from four primary facilities in Hawkesbury, Ontario; Portland, Oregon; Fort Collins, Colorado and Chihuahua, Mexico.

Kevin Stein, TransDigm's President and Chief Executive Officer, stated, "We are excited about the acquisition of Dart Aerospace. 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."

The acquisition, which is expected to close during the second calendar quarter of 2022, is subject to regulatory approvals and customary closing conditions. The acquisition will be financed through existing cash on hand.