ITP Aero partners with BP Aero, acquires majority ownership

ITP Aero, a Bain Capital portfolio company, through its affiliate ITP Aero US, has signed a definitive agreement to acquire the majority of BP Aero, an Irving (Texas, USA) based leading provider of aircraft engine aftermarket services. Current founders and shareholders will remain involved with the company throughout its new phase of growth.

Founded in 2008, BP Aero has become a leading service provider of engine component repairs, hospital shop visits and engine teardowns. The company employs over 200 people and is based in Irving, Texas, which is a strategic aviation hub. Since its inception, BP Aero has expanded rapidly and developed a strong set of customer relationships, thanks to its breadth of best-in-class MRO service offerings. ITP Aero will continue to invest in BP Aero to further evolve its capabilities in the coming years.

For ITP Aero, this acquisition is part of its overall MRO strategy and development of aftermarket capabilities in some of the more important engine platforms currently in operation, a key area of strategic focus. Furthermore, BP Aero will represent ITP Aero’s first set of facilities in the United States, an important growth area for ITP Aero.

Dennis Walsh, CEO of BP Aero, commented: “Mike, Kristen, and I are thrilled to announce that the next chapter of BP Aero’s growth is beginning as part of ITP Aero.  Our mission at BP Aero has always been to provide the best service to our customers, including OEMs, engine MROs, asset managers, airlines, and military product support managers.  We want to express our gratitude to the BP Aero team and our customers who have been with us on this journey.  We look forward to continuing serving our customers with such a strong, strategic partner like ITP Aero.”

Eva Azoulay, incoming Group CEO, and Carlos Alzola, Managing Director of ITP Aero, commented: “We would like to welcome BP Aero to the ITP Aero family and express express how incredibly excited we are  to join forces with with Dennis, Mike, Kristen and the rest of the team to jointly grow and expand our capabilities and service offerings in the US and around the world. BP Aero has proven its ability to consistently develop new MRO solutions to meet the changing needs of the market and its valued customers and we have no doubt that we will continue to do so together in the future.”

This acquisition is part of ITP Aero’s strategy to reinforce its leadership position as an independent company in the global aerospace market, enabled by significant investments such as the new R&D Centre being built in Zamudio, Spain. The acquisition comes at the time of Indra’s entry into ITP Aero’s shareholding, which is controlled by Bain Capital. Going forward, ITP Aero and Indra will explore new collaboration opportunities, including the FCAS program where Indra acts as Spanish National Coordinator and has relevant positions alongside ITP Aero, as well as sharing industrial best practices and partnering on R&D projects

The acquisition of BP Aero is expected to close by year-end, after obtaining the applicable regulatory approvals. Houlihan Lokey acted as the exclusive financial advisor to BP Aero, and RBC Capital Markets acted as the exclusive financial advisor to Bain Capital and ITP Aero.

Contact:

Louis Trollope                   

Communication Manager                

M: (+34) 610 267 334                                       

louisjon.trollope@itpaero.com                                        

www.itpaero.com