StandardAero acquires Vector Aerospace
StandardAero has finalised the purchase of Vector Aerospace from Airbus. The merger will become one of the largest global maintenance, repair and overhaul (MRO) firms in the world.
Airbus put Vector, an MRO subsidiary and helicopter lessor, up for sale in 2015, Reuters reported.
Vector Aerospace will become part of StandardAero – already one of the biggest MRO firms. The combined revenue of the two companies will be $3 billion and it will employ more than 6,000 employees in 42 locations across five continents.
“We are excited to join forces with the Vector team in becoming one of the largest MRO companies in the world,” said Russell Ford, CEO of StandardAero. “Our combined organisations are better positioned to provide the industry with more global services, expanded MRO capabilities and operational benefits to deliver faster, higher quality solutions to our combined customers worldwide.
“We look forward to joining together with the Vector leadership and employees as we begin to integrate our two organisations.”
StandardAero has been looking to acquire Vector since July, only two years after it was acquired itself by private equity firm Veritas Capital for $2.1 billion.