Onex Corporation announced that the Onex Partners Opportunities Fund has agreed to acquire Farsound, a leading global supply chain solutions provider for the aerospace engine maintenance, repair and overhaul (“MRO”) market. The investment has been made in partnership with Farsound’s management team, led by Chief Executive Officer Chris Knott. Financial terms were not disclosed.
Headquartered in Brentwood, England, Farsound is focused on the procurement, supply, and inventory management of high-volume consumable hardware components for aerospace engine overhauls. The Company acts as a strategic partner to leading engine MRO providers, supporting key commercial engine platforms. Farsound enhances operational efficiency and engine turnaround times for its customers with its market-leading supply chain management and value-added services. Farsound operates out of four facilities in the UK, U.S., Canada, and Spain.
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“We are excited to partner with Onex for Farsound’s next phase of growth. Onex shares our vision for growth of the business, and we have been impressed by both Onex’ experience and track record of helping businesses realize their growth ambitions. We look forward to working together and amplifying Farsound’s growth opportunity through our partnership,” stated Chris Knott, Chief Executive Officer of Farsound.
Faiz Hemani, a Managing Director at Onex Partners, said “We are delighted to invest in Farsound and partner with Chris Knott and the management team to deliver on the next phase of its growth. We look forward to applying our aviation and aerospace networks for the company’s benefit across its customer landscape.”
This investment builds on Onex Partners’ successful long-term track record in the aviation and aerospace sectors and investing in businesses with differentiated value propositions in structurally growing end-markets.
The transaction is expected to close later this year, subject to customary closing conditions and regulatory approvals.
SOURCE: GlobeNewswire