An affiliate of private equity firm Platinum Equity LLC closed the acquisition of Wesco Aircraft Holdings Inc. for approximately $1.9 billion, and combined Wesco with Platinum portfolio company Pattonair Ltd. at closing.
Wesco is a Valencia, Calif.-based provider of supply chain management services to the global aerospace industry, while U.K.-based Pattonair caters to the aerospace and defense industries. The enlarged group's portfolio of aerospace products are used in the production of commercial and military aircraft, including airframes, engines, hydraulic units, actuation systems and landing gear.
The combined $2.4 billion company will be headquartered in Valencia. Wesco CEO Todd Renehan was appointed CEO of the merged company, and Pattonair CEO Wayne Hollinshead was named president.
Wesco Aircraft is privately held as of Jan. 9, and shares of Wesco Aircraft Holdings Inc. common stock have discontinued trading on the New York Stock Exchange.
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC were financial advisers to Wesco Aircraft. Latham & Watkins LLP provided legal counsel.
Hughes Hubbard & Reed LLP provided M&A legal counsel to Platinum Equity, and Willkie Farr & Gallagher LLP provided financing legal counsel. Baker & McKenzie LLP provided corporate and regulatory legal counsel to Platinum Equity.