Wesco Aircraft Acquired by Affiliate of Platinum Equity, Combined with Pattonair at Closing
Wesco Aircraft Holdings Inc. (NYSE: WAIR), one of the world’s leading distributors and providers of comprehensive supply chain management services to the global aerospace industry, has announced that the expected acquisition of the company by an affiliate of Platinum Equity has been completed in a transaction valued at approximately $1.9 billion. At closing, Wesco Aircraft was combined with Platinum Equity portfolio company Pattonair, a provider of supply chain management services for the aerospace and defense industries based in the United Kingdom.
The combined company, which will be headquartered in Valencia following closing, becomes a $2.4 billion business with a global footprint in 17 countries and more than 4,000 employees. The combined company will serve more than 8,400 customers, including many of the world’s leading aerospace and defense original equipment manufacturers and their subcontractors. The combined company’s comprehensive portfolio of aerospace products will comprise more than 644,000 SKUs that are used in the production of commercial and military aircraft, including airframes, engines, hydraulic units, actuation systems and landing gear.
Todd Renehan, Wesco Aircraft’s Chief Executive Officer since 2017, has been named CEO of the combined company, and Wayne Hollinshead, Pattonair’s Chief Executive Officer since 2011, has been named President.
Mr. Renehan said, “I’m excited about the significant opportunities generated by bringing together Wesco and Pattonair. We have formed a highly diversified provider of end-to-end customizable supply chain solutions with greater scale, product range and purchasing ability. We plan to leverage these strengths, together with our robust value proposition and consistent delivery of service excellence, to be the go-to partner for bringing new products and technologies to the market.”
Mr. Hollinshead said, “I’m thrilled with the benefits this combination brings customers and our employees. We expect that our scale and reach, coupled with sophisticated inventory and supply chain management capabilities, will better position us to benefit from industry growth and drive greater operational efficiency. At the same time, we believe our broad footprint will enable us to align our service model with the needs of global customers, while enhancing their productivity through exceptional delivery performance.”
Louis Samson, Platinum Equity Partner, said, “Wesco’s broad customer base and industry leading capabilities have positioned it well to benefit from long-term trends in the aerospace and defense industry. Bringing Wesco and Pattonair together will create a truly global enterprise, benefiting the combined customer base through increased scale and access to new technologies.”
As of January 9, 2020, Wesco Aircraft is privately held, and shares of Wesco Aircraft Holdings Inc. common stock have ceased trading on the New York Stock Exchange.