In a significant move in the aerospace sector, US investment firm Platinum Equity Advisors has agreed to acquire Canada-based Héroux-Devtek in a C$1.35 billion ($990 million) deal. This acquisition will transition the aerospace components manufacturer to a private entity.
The agreement follows a comprehensive "strategic review process" and is slated for completion before Héroux-Devtek's fiscal year ends on March 31, 2025, subject to shareholder and regulatory approvals, the company announced on Thursday.
Héroux-Devtek specializes in the production of titanium-infused landing gear systems for both commercial and defense aircraft, in addition to offering extensive maintenance, repair, and overhaul services. The company operates 14 facilities dedicated to its manufacturing and aftermarket services.
The company's financial performance has been robust, with profits more than tripling to C$21 million in the latest quarter compared to the same period last year. Revenue also saw an 18% increase, reaching C$184 million during the same timeframe.
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