Scottsdale, Ariz. – March 29, 2017 – StandardAero announced today that it has entered into a definitive agreement to acquire PAS Technologies, a high technology components provider, to expand its portfolio of industry-leading MRO service offerings. Terms of the transaction were not disclosed.
PAS specializes in providing cost-effective OEM and MRO solutions for the aerospace, oil and gas, and industrial gas turbine markets. By using innovative and proprietary high-technology processes, along with solutions licensed from OEMs, the company provides great value for customers whose components are exposed to high wear, high heat and corrosive environments. The company’s highly engineered, innovative products are known for advanced technology and unsurpassed reliability.
"We are very pleased to announce this strategic acquisition and we welcome all PAS Technologies employees and customers to the StandardAero family," said Russell Ford, CEO of StandardAero. "PAS will align with our current Components, Helicopters & Accessories business division."
"With the addition of PAS, StandardAero will now be a key player with new make manufacturing capabilities along with supporting the entire MRO requirements across the full engine life cycle," said Rick Stine, President of StandardAero Components, Helicopters & Accessories.
"This is a very strategic fit and we are looking forward to working together to support and expand partnerships with all of our OEMs and to offer our customers a much broader range of capabilities and services," said Tom Hutton, CEO of PAS Technologies.
PAS performs work across a substantial installed base of engines including PW4000, LM2500, F117, F110, F100, F414, V2500, CFM56 and its capabilities include both manufacturing and a full suite of special processes. The company leverages its special coating capabilities for new build and aftermarket components to create a balanced business model between manufacturing and repair services across a diverse range of end markets.
The transaction is expected to close within the next 60 days.
StandardAero is one of the world's largest independent providers of services including engine and airframe maintenance, repair and overhaul, engine component repair, engineering services, interior completions and paint applications. StandardAero serves a diverse array of customers in business and general aviation, airline, military, helicopter, components, energy and VIP completions markets. The company celebrated its 100th year of industry leadership in 2011. In 2015, StandardAero was purchased by Veritas Capital, a leading private equity firm headquartered in New York City. Veritas invests in companies that provide critical products and services to government and commercial customers worldwide including those operating in aerospace & defense, healthcare, technology, national security, communications, energy and education. More information can be found on the company's web site at www.standardaero.com.
PAS Technologies is a privately held corporation that currently operates from six facilities around the world, totaling nearly 400,000 square feet of operations at the following locations: Hillsboro, OH; Kansas City, MO; Phoenix, AZ; South Windsor, CT; Singapore; and Romania. The company employs nearly 500 people and has annual revenues exceeding $100 million.