Private equity firm Onex Partners Opportunities Fund - a part of the Onex Corporation - has agreed to acquire aircraft parts supplier Farsound for an undisclosed amount.
The company is a global supply chain solutions provider for the aerospace engine MRO market, focused on the procurement, supply, and inventory management of high-volume consumable hardware components.
Farsound was sold by European-Asian private equity investment firm AGIC Capital. ""Since 2019, we have worked closely with Farsound’s management team to expand and diversify the business’ engine coverage, customer base, and international footprint, particularly in the US,"" said AGIC managing director Ben Mitchell.
""The development of our company over the past years has been notable,"" said Farsound CEO Chris Knott. ""AGIC has been an excellent partner, supporting our expansion and diversification.""
Farsound serves a global customer base from facilities and offices in the UK, Canada, Spain, China, Singapore, and Japan, with a significant investment being made into a newly established facility in the US for the future. The company acts as a strategic partner to leading engine MRO providers, supporting key commercial engine platforms.
Knott added: ""Onex shares our vision for growth of the business, and we have been impressed by both Onex’ experience and track record of helping businesses realise their growth ambitions.""
The transaction is expected to close later in the year.
Onex was advised by Barclays and Solomon Partners as financial advisors and Latham & Watkins as legal counsel.
William Blair acted as exclusive financial advisor to AGIC and K&L Gates served as legal advisor.
Onex Partners to acquire aircraft parts supplier Farsound
