By Staff writer
Dubai Aerospace Enterprise inks deal with Veritas Capital; will use proceeds to refocus, expand aircraft leasing portfolio
Dubai Aerospace Enterprise (DAE), one of the largest aircraft leasing firms in the Middle East, on Tuesday announced it has signed an agreement to sell StandardAero to an affiliate of private equity company Veritas Capital.
Terms of the transaction to sell the maintenance, repair and operations (MRO) company were not disclosed.
DAE managing director, Khalifa H AlDaboos, said: "StandardAero is one of the world's largest independent MRO platforms with clients in over 70 countries. DAE acquired StandardAero in 2007 and since then has nurtured and built its market leading position.
"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."
Ramzi Musallam, managing partner of Veritas, said: "We are very excited for the opportunity to partner with StandardAero's leadership team to help drive its next phase of growth, including expanding the company's presence globally."
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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.