Heico plans to raise $75 million through a bond offering, in part to help fund the group's rolling programme of acquisitions in the engine and airframe service market.
At the end of October, the group's latest deal involved an alliance between its main Flight Support engine services unit and Lufthansa Technik. Under the agreement, Lufthansa is understood to have paid around $26 million, including a contribution for research and development, in return for a 20% stake in the unit.
In July, Heico acquired Northwings, a growing Florida-based aircraft and engine overhaul operation, adding to its Jet Avion, LPI and Aircraft Technology businesses. The group promised at the time that further acquisitions were in prospect as it targets growth in the parts and services sector.
Heico says that around 70% of its sales are now coming from flight support, with the remainder from its manufacturing operation in group support equipment.
Source: Flight International
