Wood Dale, Illinois-based aerospace and defense aftermarket provider said Thursday Triumph Product Support services critical aircraft components in both commercial and defense markets through specialized maintenance, repair and overhaul capabilities and is complementary to AAR’s existing portfolio.
The Triumph business also operates across five primary locations and has more than 700 employees. In the fiscal year ending March 31, 2024, it is projected to log approximately $280 million of revenue and $55 million of EBITDA.
“This highly strategic acquisition will deepen and broaden our customer relationships globally and expand our footprint,” commented John Holmes, chairman, president and CEO of AAR. “Furthermore, the addition of this high-margin business is expected to further increase our operating margin and is expected to be accretive to our earnings.”
The deal is expected to be completed in the first quarter of 2024.
AAR’s advisers on the transaction are BofA Securities, lead financial adviser; Wells Fargo Securities, financial adviser; and Latham & Watkins, legal counsel.
In a separate announcement, Triumph said the transaction is expected to strengthen the company’s balance sheet and direct its focus on OEM component, spares and IP-based aftermarket business.
Goldman Sachs serves as Triumph’s financial adviser while Skadden, Arps, Slate, Meagher & Flom works as its legal counsel.
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