A global private equity firm has agreed to acquire Derby-headquartered manufacturer Pattonair, which employs over 1,000 people in the Midlands.
Platinum Equity today announced it has signed a definitive agreement to acquire global aerospace and defense supply chain provider Pattonair from Exponent Private Equity.
It is not yet known how much the deal was worth but the firm has said the transaction is expected to be completed during the fourth quarter of 2017.
Headquartered in Derby, Pattonair is a leading global supply chain provider which supplies the likes of Rolls-Royce, GE, Airbus and Boeing among others.
It offers a global service though dedicated facilities in Singapore, China, Poland, Brazil, Canada and five cities in the United States.
“Pattonair is a well-respected business with a proven management team and strong long-term customer relationships,” said Platinum Equity partner Louis Samson.
“We share the company’s commitment to exceptional customer service and look forward to partnering with Wayne and Pattonair’s leadership team to pursue additional growth, both organically and through prospective add-on acquisitions.”
Pattonair CEO Wayne Hollinshead believes Pattonair and Platinum Equity are a great fit for one another.
He said: “This is exciting news for our company and our customers and we are thrilled about the prospect of partnering with Platinum Equity.
“Platinum has exceptional operational and M&A capabilities, a strong presence in Europe and a track record of helping portfolio companies reach their full potential.”
“We have the capital base and the depth of experience to continue growing our European portfolio and will remain very active in this market,” added Samson.
Pattonair represents Platinum Equity’s latest European investment, joining Exterion Media, Worldwide Flight Services, Terratest, Ecka Granules and Electro Rent in the firm’s global portfolio of operating companies.
Samson said Europe is an important focus for Platinum Equity as it continues deploying its most recent fund, Platinum Equity Capital Partners IV, a US$6.5bn global buyout fund.
“We have more than 20 years of experience in Europe, a dedicated team in London and our portfolio companies employ more than 16,000 people in the region,” said Samson.
“We have the capital base and the depth of experience to continue growing our European portfolio and will remain very active in this market.”
Rothschild & Co. is acting as financial advisor and Latham and Watkins is acting as legal counsel to Platinum Equity on the acquisition of Pattonair. Deutsche Bank will lead a US dollar bond offering in connection with the transaction.