Dubai – Mubasher: Dubai Aerospace Enterprise (DAE) Ltd. announced the signing of a definitive agreement to sell 100% of StandardAero to an affiliate of Veritas Capital, the company said in a statement on Tuesday. 

The company did not disclose any terms related to the transaction.

“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,” said DAE managing director Khalifa H. AlDaboos.

“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,” AlDaboos said, adding that DAE Capital will also “aggressively acquire aircraft assets to expand its aircraft leasing portfolio with a current net book value of $3.7 billion.”

Meanwhile, Ramzi Musallam, managing partner at Veritas stated that "StandardAero is a cornerstone investment of Veritas Capital Fund V and creates a new strategic platform for Veritas in commercial and military aerospace. We look forward to applying our deep investment experience within the aerospace market to support the growth of StandardAero."