Platinum Equity announced today that the acquisition of Héroux-Devtek Inc., a leading international manufacturer of aerospace products and the world’s third-largest landing gear manufacturer, has been completed.
“We have tremendous respect for Héroux-Devtek and are excited to work with Gilles, Martin, Stéphane, and the rest of the company’s talented team,” said Louis Samson, Co-President of Platinum Equity. “We are particularly inspired by the company’s entrepreneurial spirit and its ‘can do’ culture.”
Samson reaffirmed a commitment to maintaining Héroux-Devtek’s headquarters in Longueuil and investing in its R&D center in Saint-Hubert. He also said he was grateful and excited for long-term local investors Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ to have invested in the debt financing for the transaction.
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“Montréal has a rich heritage in aerospace and Héroux-Devtek will remain a cornerstone of the regional economy,” said Samson. “We are also proud to have meaningful investments from CDPQ and FTQ in the company. They will be important strategic partners in the company’s future.”
“We are positive on the sector and very excited to be part of Héroux’s new chapter as a private company,” said Platinum Equity Managing Director Delara Zarrabi. “We like many of the company’s attributes, including its diversified portfolio of long-life programs, attractive mix of defense and commercial aerospace exposure, and meaningful earnings from aftermarket and proprietary designs.”
Zarrabi said Platinum Equity will look to grow Héroux organically and through prospective acquisitions.
“We have already developed and will continue to expand a pipeline of M&A opportunities for Héroux to pursue,” she said. “We will deploy the full range of our financial and operational toolkit to support the company’s continued success.”
Samson said Platinum Equity continues seeking opportunities to expand its portfolio of Canadian investments.
“We have been investing in Canada for a long time and know the market dynamics and leading sectors very well,” explained Samson, who grew up in Québec City. “We believe there are a lot of opportunities to create value in partnership with Canadian businesses that can benefit from our approach.”
SOURCE: PRNewswire