Platinum Equity, a Beverly Hills private equity firm, on Feb. 12 purchased Héroux-Devtek Inc., the third largest aircraft landing gear manufacturer in the world.

Through this deal, Platinum acquired all issued and outstanding common shares of the company – which had been publicly trading on the Toronto Stock Exchange – for $32.50 per share. A September earnings report from Héroux-Devtek estimated the deal was worth about $1.35 billion.

Senior management from Québec-based Héroux-Devtek exchanged part of their stock in the company for shares in Platinum Equity.

Despite being based in Canada, Héroux-Devtek reported 94% of its sales fall outside the country, with 57% being in the United States. The international company designs, develops, manufactures and repairs landing gear as well as actuation systems and other aerospace components.

Looking at all growth opportunities

Platinum Equity Managing Director Delara Zarrabi said Platinum is interested in both organic and inorganic growth for the company, vowing to “deploy the full range of our financial and operational toolkit to support the company’s continued success.”

“We are positive on the sector and very excited to be part of Héroux’s new chapter as a private company,” Zarrabi said in a statement. “We like many of the company’s attributes, including its diversified portfolio of long-life programs, attractive mix of defense and commercial aerospace exposure and meaningful earnings from aftermarket and proprietary designs.”

Other Canadian investments for Platinum include Husky Technologies and Livingston International.