TransDigm Group has entered into a definitive agreement to acquire Dart Aerospace, a portfolio company of Greenbriar Equity Group and First Aviation Services, for approximately $360 million in cash.

Montreal, Canada-headquartered Dart is a provider of highly engineered helicopter mission equipment solutions that predominantly service civilian aircraft. The company is expected to generate approximately $100 million in pro forma revenues for the calendar year ending 31 December, 2022. Approximately 95 per cent of Dart's revenues are derived from proprietary products and about 80 per cent of revenues comes from the aftermarket. The products have a strong presence across major commercial rotary wing platforms as well as select applications for defence and safety services. The company employs approximately 400 people and operates from four primary facilities in Hawkesbury, Ontario; Portland, Oregon; Fort Collins, Colorado; and Chihuahua, Mexico.

TransDigm president and CEO Kevin Stein says: "We are excited about the acquisition of Dart Aerospace. Dart is an industry leader in helicopter mission equipment and its unique helicopter solutions fit well with our proprietary and aftermarket-focused value generation strategy. The company has established positions on a diverse range of new and existing rotary wing platforms, strong aftermarket content and an outstanding reputation with its customers. As with all TransDigm acquisitions, we expect the Dart acquisition to create equity value in line with our long term private equity-like return objectives."

The acquisition is expected to close during the second calendar quarter of 2022 and will be financed through existing cash on hand.

TransDigm Group, through its wholly-owned subsidiaries, is a global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today.