built on its history of investments in the aerospace industry on Thursday by acquiring aircraft logistics company Farsound Aviation Ltd.partnered with Farsound executives in the deal. They’ve acquired a British business that specializes in supplying parts for engine maintenance and repairs to airlines and aircraft owners around the world.
Onex is the third private equity fund to own Farsound. The founding family sold the company to British venture capital fund manager Rubicon Partners in 2011. In 2019, Hong Kong-based fund manager AGIC Capital bought Farsound for an enterprise value – equity plus debt – of £115-million, or about US$150-million. Under AGIC’s ownership, the company expanded its business in Asia, including building ties to airlines based in China.
Along with its WestJet stake, acquired in 2019 in a transaction with a $5-billion enterprise value, Onex’s aerospace holdings include successful investments in parts maker Spirit AeroSystems Holdings, Inc., sold in 2014, and caterer LSG SkyChefs, which Onex sold in 2001. Onex also made one money-losing aerospace deal, teaming up with the private equity arm of Goldman Sachs Group Inc. to buy private plane maker Hawker Beechcraft Inc., which went bankrupt in 2012.