A portfolio company of Beverly Hills-based private equity firm Platinum Equity has paid $1.9 billion to buy Wesco Aircraft Holdings Inc., a Valencia-based aerospace parts and supply chain services provider.
Platinum Equity plans to combine Wesco with its U.K.-based portfolio company Pattonair Ltd., a provider of supply chain management services for the aerospace and defense industries.
Under the agreement, which has been unanimously approved by Wesco’s board of directors, Wesco shareholders would receive $11.05 per share in cash.
Wesco’s three largest shareholders, affiliates of Washington, D.C.-based Carlyle Group and La Jolla-based Makaira Partners, as well as Torrance-based Snyder Family Trusts, support the transaction and have agreed to vote their shares in favor of the transaction, according to a press release.
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with roughly $13 billion of assets under management and a portfolio of approximately 40 operating companies.
In mid-day trading, Wesco shares traded at $11 a share, up 68 cents.
Finance reporter Pat Maio can be reached at email@example.com or (323) 556-8329.
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