Dubai Aerospace Enterprise (DAE) Ltd. has recently signed a definitive agreement to sell 100 percent of the company’s StandardAero to a Veritas Capital affiliate.
“StandardAero is one of the world’s largest independent maintenance, repair and operations platforms with clients in over 70 countries,” DAE Managing Director Khalifa AlDaboos said. "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.”
AlDaboos said 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," he said. "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 he is 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.
“Without a doubt, StandardAero's greatest asset is its world-class employee base and we look forward to building upon the strong foundation created by this talented organization over its 100-plus year history," he said. "We remain committed to differentiating StandardAero in the marketplace, by continuing to deliver technology-enabled solutions to support our customers' most exacting requirements.”
Musallam said StandardAero is a cornerstone investment of Veritas Capital Fund V and creates a new strategic platform for Veritas in commercial and military aerospace.
Further details about the sale have not been made available to the public.