Global private equity firm The Carlyle Group has reached a definitive agreement to acquire Arinc from its current shareholders, including several commercial airlines.
The transaction is expected to close in the third quarter subject to regulatory approval and other customary closing conditions, says Arinc in a statement.
Financial details have not been disclosed, but separately Arinc shareholder American Airlines parent AMR said it would receive $194 million for a $140 million gain, and United Airlines said its proceeds would be $125 million with a $40 million gain.
Headquartered in Annapolis, Maryland, Arinc has approximately 3,300 employees in 100 offices worldwide, generating annual revenues in excess of $900 million.
“This is an important step in the evolution of Arinc,” says the company’s chairman and CEO John Belcher. “We have worked very hard to find a partner who shares our vision, and believe that Carlyle’s international presence, financial resources, and expertise in the aerospace, defence, and communications sectors will be instrumental in the continued expansion of our business.
“With the support of our dedicated and talented employees, Arinc is committed to maintaining the highest levels of customer service and industry leadership.”
Carlyle managing director and head of the company’s global aerospace and defense sector team Peter Clare adds: “We have long admired Arinc’s leadership position and impressive track record of growth. We believe that Arinc is well positioned to capitalise on several favorable macro-trends in both its commercial and government market segments.”
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Source: FlightGlobal.com