CVC Capital Partners’ CVC Fund VII has completed its purchase of BBA Aviation’s Ontic, a manufacturer of OEM-licensed parts for legacy aircraft, in a deal valued at more than $1.3 billion. The acquisition was originally announced in July.
“Ontic has experienced significant growth over a sustained period as a result of the distinct and genuinely value-added solution the company provides to both OEMs and end-users,” said CVC Capital Partners senior managing director James Mahoney. Cheltenham, UK-based Ontic supports more than 39,000 in-service aircraft through a portfolio of more than 165 licenses to manufacture more than 7,000 parts. It has more than 1,200 customers and manufacturing and repair facilities in Chatsworth, California; Creedmoor, North Carolina; Plainview, New York; Cheltenham; and Singapore.
“We are thankful for all of the support we received from BBA Aviation and we are looking forward to our continued success and future growth with CVC,” Ontic CEO Gareth Hall said. “This is an exciting time for our business to move forward as an independent organization with a strong, new financial partner as the owner, and the opportunity to do so much more with our OEM partners.”