Sunday, December 9, 2018

Carlyle Trying to Rebuy Standard Aero from Veritas Capital

The Carlyle Group is one of three final bidders for Standard Aero, a company Carlyle owned from 2004 to 2007.  Carlyle sold Standard Aero and Landmark Aviation to Dubai Aerospace without a peep from Senator Chuck Schumer, a vocal opponent of the 2006 sale of U.S. port operations to Dubai Ports World.  That deal fell apart under public scrutiny.

Standard Aero's enterprise value grew tremendously the last fourteen years.  Moelis advised Dubai Aerospace on its 2015 sale of Standard Aero to Veritas Capital.  Former Congressman Eric Cantor joined Moelis in September 2014 and the firm touted his skills in advising international deals.

Standard Aero could be the latest air related company round tripped by Carlyle.  The Carlyle Group owned Vought Aircraft Industries and Landmark Aviation more than once.

Update 12-17-18:  SeekingAlpha picked up this story.

Update 4-7-19:  On April 5th Carlyle confirmed it had closed on Standard Aero.  Reuters noticed Carlyle round tripping Standard Aero in a more than $5 billion deal including debt.  Moody's cited leverage of mid 7x for the $5.31 billion deal.