Carlyle Group to purchase Garrett Aviation Services

 - July 23, 2007, 10:02 AM

The Carlyle Group, a Washington, D.C.-based global private equity firm with extensive aerospace and defense holdings, has “signed a definitive agreement to acquire Garrett Aviation Services from General Electric Company.” According to industry sources, the agreement calls for a cash acquisition valued at about $160 million. Carlyle plans to combine Tempe, Ariz.-based Garrett’s nationwide aviation assets with those of aviation services provider Piedmont Hawthorne, another member of the Carlyle Group. Garrett has an aircraft maintenance and interior refurbishment center and engine repair shop at Los Angeles International Airport for small, midsize and large business aircraft. Piedmont operates a completion and refurbishment center at Dallas Love Field, specializing in large aircraft executive/VIP interiors. Garrett’s four FBOs will be added to
the chain of 32 facilities managed by Piedmont nationwide. “We believe the combination [of Garrett and Piedmont Hawthorne] creates a true, full-service aviation after-market company with a national presence,” said Adam Palmer, managing director of the Carlyle Group. The transaction is expected to close sometime in the third quarter this year.