The Washington, D.C.-based private equity firm said Tuesday it expects to close the deal by the end of the first quarter of calendar year 2019, pending regulatory approvals and other customary closing conditions.
Scottsdale, Ariz.-based StandardAero was established in 1911 and provides aviation maintenance, repair and overhaul support services to military, general aviation and commercial clients.
Carlyle will source equity for the transaction from its $18.5B fund Carlyle Partners VII.
“The StandardAero partnership underscores Veritas’ commitment to growing and adding lasting value to businesses in the aerospace and defense industries,” said Ramzi Musallam, CEO and managing partner of Veritas Capital.
“We wish the StandardAero management team all the best in their next phase of growth,” added Musallam, a three-time Wash100 awardee.
Veritas Capital acquired StandardAero from Dubai Aerospace Enterprise in July 2015 for approximately $2.1B.
Goldman Sachs, Credit Suisse, Barclays, RBC Capital Markets, Macquarie Capital, Nomura Securities and Jefferies have agreed to offer debt financing for the deal.
Credit Suisse, RBC and Macquarie Capital acted as Carlyle’s financial advisers in the transaction while Latham & Watkins LLP served as legal adviser.
Goldman Sachs and Morgan Stanley & Co. advised StandardAero on the deal’s financial aspects, while Skadden, Arps, Slate, Meagher & Flom LLP acted as the MRO services provider’s legal adviser.