European regulators have approved the sale of Raytheon Aircraft to a coalition of Onex and GS Capital Partners, expected to be called Hawker Beechcraft. The sale still has to be approved by U.S. regulators. Raytheon expects the sale to be complete before the middle of the year.
Raytheon yesterday announced it completed the sale of its wholly owned Raytheon Aircraft subsidiary to Hawker Beechcraft, a new privately held company formed by GS Capital Partners (an affiliate of Goldman Sachs) and Onex Partners, for approximately $3.3 billion in cash.
Camp Systems has been selected to take over the Facts maintenance tracking business from Raytheon Aircraft Company (RAC). The agreement designates Camp as the exclusive factory-endorsed provider of maintenance tracking services for all Hawkers and Beechcraft. It also calls for Camp to provide extensive feedback to RAC for maintenance and reliability data for the entire Hawker and Beechcraft fleet.
Beginning next January, Raytheon is scheduled to start delivering the winglet-equipped Hawker 850XP, successor to the Hawker 800XPi. Besides what Raytheon Aircraft calls "ramp appeal" the three-foot high winglets will, according to the company, improve airspeed and climb, as well as increase range by 4 percent, or 100 nm.
Raytheon Aircraft will conduct six regional maintenance and operations sessions for Beechcraft and Hawker owners. The dates and locations are: February 18, Houston; February 19, Tampa, Fla.; February 20, Atlanta; March 3, Tarrytown, N.Y.; March 4, Rosemont, Ill.; and March 19, Las Vegas. In addition, the annual Hawker Jet Operators Conference will be held in Little Rock, Ark., from April 26 to 28.
One month after the Hawker 4000 won FAA certification on November 21, Raytheon announced that it agreed to sell Raytheon Aircraft to Onex Partners and GS Capital Partners for $3.3 billion (see story on page 1). The buyers plan to change the name of their new company to Hawker Beechcraft Corp., and the sale should be completed within six months of the announcement.
It took some deep pockets, but Raytheon Company has found a buyer for its Raytheon Aircraft subsidiary.
Late last year, Raytheon announced “a definitive agreement” that will turn Raytheon Aircraft over to Hawker Beechcraft Corp., newly formed by Onex Partners of Toronto and GS Capital Partners (an affiliate of New York-based Goldman Sachs).
Raytheon Aircraft has joined Gulfstream Aerospace as the only major business aircraft OEMs to elevate the head of product support to the presidential level. Last Friday, the Wichita-based manufacturer announced to its employees the appointment of Randy Groom as president of global customer service and support.
On December 21 Raytheon announced a $3.3 billion “definitive agreement” that will result in the sale of Raytheon Aircraft to Onex Partners of Toronto and GS Capital Partners (an affiliate of New York-based Goldman Sachs) and establish Hawker Beechcraft Corp.
AIN has confirmed that the Carlyle Group, a Washington-based global private equity firm, is one of three bidders for Raytheon Aircraft. The other potential buyers are Cerberus Capital Management, a New York-headquartered investment firm, and Toronto, Canada, holding company Onex.