By Staff writer
Dubai Aerospace Enterprise completes deal with Veritas Capital to sell maintenance, repair and operations firm
Dubai Aerospace Enterprise (DAE), one of the largest aircraft leasing firms in the Middle East, has announced it has closed the sale of StandardAero to an affiliate of private equity company Veritas Capital.
Terms of the deal to sell the maintenance, repair and operations (MRO) company, which was first announced in May, were not disclosed.
StandardAero is one of the world's largest independent MRO platforms with clients in over 70 countries. DAE acquired StandardAero in 2007.
DAE is headquartered in Dubai and operates in four continents and employs approximately 3,500 people.
Veritas Capital is a leading private equity firm that invests in companies that operate in aerospace & defense, healthcare, technology, national security, communications, energy and education.
DAE managing director, Khalifa H AlDaboos, said in May: "This transaction will allow StandardAero to accelerate its growth by leveraging Veritas' global relationships and in-market presence."
He added: "DAE will now redeploy capital and refocus its efforts on building a world-class aerospace footprint anchored in Dubai. We will focus on both organic and inorganic opportunities. DAE Capital will also aggressively acquire aircraft assets to expand its aircraft leasing portfolio with a current net book value of $3.7 billion."