City of Industry-based Unical recertifies and resells new and used aircraft parts to airlines, cargo operators and aircraft lessors.
The acquisition includes Unical Aviation and affiliates including Unical Maintenance, Repair and Operation; Unical 145; and Unical Aero.
Unical Defense Inc., an affiliate that serves government defense contracts, is not included in the sale.
The transaction is expected to close during the third quarter. Financial terms were not disclosed.
Platinum Equity aims to use Unical as a platform company to make future tuck-on acquisitions in the aviation maintenance, repair and overhaul market.
The private equity firm, which has more than $25 billion in assets under management, also owns Incora, a Fort Worth, Texas-based aerospace and defense supply chain service provider.
However, Unical will operate as a stand-alone company.
It handles everything from nuts and bolts to engines and “everything in-between the nose and tail” on an airplane, Brian Postel, Unical’s senior vice president, said in an interview.
“With this new financial investment provided by Platinum, we intend to accelerate Unical’s growth,” Postel said.
Founded in 1990, Unical has more than 3,500 customers worldwide, and its major customers include Atlanta-based Delta Air Lines Inc., Chicago-based United Airlines Inc. and Fort Worth, Texas-based American Airlines Inc.
“Every major airline uses our parts at repair stations around the world,” Postel said.
Unical is considered the largest independently owned provider of aviation surplus spare parts in the world, he added.
With more than 85 million parts and more than 1.3 million unique airframe and engine part numbers in stock, Unical is one of the largest suppliers of new and used serviceable material for the global aerospace industry.
Its parts are found on 40 different aircraft platforms, including Chicago-based Boeing Co.’s 747 long-range wide-body airliner and 737 narrow-body airliner.
Platinum Equity has been on a buying spree in recent months. In July, the firm snatched up Oregon Tool Inc., a Portland, Ore.-based maker of chainsaws, cutting tools, outdoor equipment accessories and parts, and Wilmington, Del.-based specialty chemical-maker Solenis in a deal valued at $5.25 billion. Also in July, Platinum Equity acquired Miami-based luxury porcelain tile distributor Paramount Global Surfaces from private equity firm Linsalata Capital Partners Inc.
