Global asset manager The Carlyle Group has agreed to acquire StandardAero, a provider of aftermarket engine maintenance, repair and overhaul (MRO) services for the aerospace and defence industries, from Veritas Capital. The transaction is subject to customary regulatory conditions and is expected to close by the end of the first quarter of 2019.

CEO of StandardAero Russell Ford says: “We are excited to partner with The Carlyle Group, and we thank Veritas Capital for its support and partnership. We look forward to working with Carlyle to further our aggressive growth trajectory as we continue providing world-class services to our customers as one of the world's best and largest independent MRO service providers.”

Adam J Palmer, managing director and global head of aerospace, defence and government services for The Carlyle Group, adds: “Russell and the StandardAero team have built a reputation for industry-leading capabilities and customer service. StandardAero is well positioned in an attractive market and we look forward to building on its strong foundation by helping it grow and meet evolving customer needs.”

Founded in 1911, StandardAero is one of the world's largest independent MRO providers offering extensive services and custom solutions for commercial aviation, business aviation, military and industrial power customers.