AEROSPACE

TransDigm Announces Acquisition of DART Aerospace

TransDigm Group | March 15, 2022

Aerospace
TransDigm Group Incorporated, announced today that it has entered into a definitive agreement to acquire DART Aerospace ("DART" or "the Company"), a portfolio company of Greenbriar Equity Group, L.P. and First Aviation Services Inc., for approximately $360 million in cash. 

DART is headquartered in Montreal, Quebec. The Company is a leading provider of highly engineered, unique helicopter mission equipment solutions that predominantly service civilian aircraft. The Company is expected to generate approximately $100 million in pro forma revenues for the calendar year ending December 31, 2022. Approximately 95% of DART's revenues are derived from proprietary products and about 80% of DART's revenues comes from the aftermarket. The products have a strong presence across major commercial rotary-wing platforms as well as select applications for defense and safety services. The Company employs approximately 400 people and operates from four primary facilities in Hawkesbury, Ontario; Portland, Oregon; Fort Collins, Colorado and Chihuahua, Mexico.

"We are excited about the acquisition of DART Aerospace. DART is an industry leader in helicopter mission equipment and its unique helicopter solutions fit well with our proprietary and aftermarket-focused value generation strategy. The Company has established positions on a diverse range of new and existing rotary-wing platforms, strong aftermarket content and an outstanding reputation with its customers. As with all TransDigm acquisitions, we expect the DART acquisition to create equity value in-line with our long-term private equity-like return objectives."

Kevin Stein, TransDigm's President and Chief Executive Officer

The acquisition, which is expected to close during the second calendar quarter of 2022, is subject to regulatory approvals and customary closing conditions. The acquisition will be financed through existing cash on hand.

About TransDigm Group
TransDigm Group, through its wholly-owned subsidiaries, is a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today. Major product offerings, substantially all of which are ultimately provided to end-users in the aerospace industry, include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, batteries and chargers, engineered latching and locking devices, engineered rods, engineered connectors and elastomer sealing solutions, databus and power controls, cockpit security components and systems, specialized and advanced cockpit displays, engineered audio, radio and antenna systems, specialized lavatory components, seat belts and safety restraints, engineered and customized interior surfaces and related components, advanced sensor products, switches and relay panels, thermal protection and insulation, lighting and control technology, parachutes, high performance hoists, winches and lifting devices, and cargo loading, handling and delivery systems.

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AEROSPACE

Southern Company and MSU flight lab partnership reaches new heights

Southern Company | December 15, 2022

Southern Company's Aerial Services and Mississippi State University's Raspet Flight Research Lab recently reached a milestone on a joint research project that will help expand Southern Company's use of unmanned aircraft systems (UAS) to map critical infrastructure, assess weather-related damage and conduct routine utility inspections. At a proof-of-concept demonstration in Bay Minette, Ala., the team showcased the capabilities of a large UAS with integrated sensors to gather data that will contribute to the research project, flying 28 miles of transmission assets that included approximately 400 structures. The team also used a helicopter with a high-resolution camera to capture footage and evaluate its sensor technology and to look at potentially transferring the technology to the large drone in the future. "This research work is a game-changer, The data and knowledge we gain through this partnership will help improve safety and reliability, reduce costs and enable us to respond quicker should incidents in our system occur." Mississippi Power President and CEO Anthony Wilson, who chairs the Mississippi State University Foundation. The collaboration between Southern Company and MSU will enable the use of larger, more sophisticated drones in pursuing beyond visual line of sight (BVLOS) operations approval from the Federal Aviation Administration (FAA) for the Southern Company system's inspection and mapping efforts. We are proud of the continued research partnership with Southern Company," said MSU Vice President for Research and Economic Development Julie Jordan. "Through investment in this technology, Southern Company is leading the way for broadscale industry adoption. This flight operation and remote sensing research illustrates the profound safety benefits UAS offer to the utility industry and supports not only Southern Company but the industries and citizens that rely on their services. Next steps for the team are to determine on-board sensor systems that would enable drones to detect and avoid other aircrafts in surrounding airspace and enhance capabilities for communicating with drones from further distance. Waiver enables remote inspection and mapping Southern Company's UAS team also recently announced that the FAA has granted Southern Company approval to remotely launch and operate drones at Alabama Power's Plant Barry. The waiver, the first of its kind obtained by the company, allows advanced BVLOS operations. Operators will use drones to map and inspect stacks, transmission lines and basins at Plant Barry. Compared to traditional manual inspection methods, remotely operated dock-based drones will help perform safer, more efficient recurring inspections of critical infrastructure. About Southern Company Southern Company is a leading energy provider serving 9 million residential and commercial customers across the Southeast and beyond through its family of companies. Providing clean, safe, reliable and affordable energy with excellent service is our mission. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy infrastructure company with national capabilities, a fiber optics network and telecommunications services. Through an industry-leading commitment to innovation, resilience and sustainability, we are taking action to meet our customers' and communities' needs while advancing our commitment to net zero emissions by 2050. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and are the key to our sustained success. We are transforming energy into social, economic, financial and environmental progress for tomorrow. Our corporate culture and hiring practices have been recognized nationally by Forbes, The Military Times, DiversityInc, Black Enterprise, Fortune and the Human Rights Campaign.

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COMMERCIAL AVIATION

CDB Aviation Leases Six A320neos to Air India

CDB Aviation | November 14, 2022

CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), announced on the sidelines of Airline Economics Growth Frontiers Asia Pacific 2022 conference the signing of lease agreements for a fleet of six Airbus A320neo aircraft with India’s leading airline, Air India. CDB Aviation is among the first aircraft leasing companies to secure the placement of Air India’s additional A320neo aircraft under the recently announced multi-stage transformation plan since the purchase of the airline by Tata group, which aims to increase the carrier’s fleet and help it boost both domestic and international operations. The aircraft will be delivered in the second half of 2023. “Our commercial team is delighted to have worked closely with Air India to help solve their fleet requirements with these new Airbus narrowbody aircraft from our orderbook, These fuel-efficient, new generation aircraft are well suited to support Air India’s fleet revitalization initiatives, positioning the airline for sustained growth and profitability.’’ Ryan Barrett, CDB Aviation’s Head of Asia Pacific. Commenting on the agreement, Nipun Aggarwal, Chief Commercial Officer of Air India, said: “This is an important agreement, which will help us to strengthen our fleet with state-of-the-art aircraft. This will boost our connectivity, especially on the short and medium-haul routes, and is an important step ahead in our transformation journey. India is an increasingly important region for CDB Aviation, being the second largest Asia Pacific market for new aircraft deliveries, with nearly 1,000 Boeing and Airbus jets in its orderbook,” explained Peter Goodman, CDB Aviation’s Chief Commercial Officer. “Our commercial team remains steadfast in its outreach efforts across Asia Pacific, leveraging our platform’s resources and scale to support the region’s airlines in restoring their networks and growing their fleets. About Air India Founded by the legendary JRD Tata, Air India pioneered India’s aviation sector. Since its first flight on October 15, 1932, Air India has an extensive domestic network and has spread its wings beyond to become a major international airline with a network across USA, Canada, UK, Europe, Far-East, South- East Asia, Australia and the Gulf. Air India is a member of Star Alliance, the largest global airline consortium. After 69 years as a government-owned enterprise, Air India and Air India Express were welcomed back into the Tata group in January 2022. The present management at Air India is driving the five-year transformation roadmap under the aegis of Vihaan.AI to establish itself as a world-class global airline with an Indian heart. www.airindia.in About CDB Aviation CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), a 36-year-old Chinese leasing company that is backed mainly by the China Development Bank. CDB Aviation is rated Investment Grade by Moody’s (A2), S&P Global (A), and Fitch (A+). China Development Bank is under the direct jurisdiction of the State Council of China and is the world’s largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating.

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AEROSPACE

AIR's eVTOL Aircraft Successfully Completes First Full Transition to Cruise Flight

AIR | December 21, 2022

Today AIR, creator of eVTOL (electric vertical takeoff and landing) aircraft for the consumer market, announced that its inaugural vehicle, AIR ONE, has successfully completed its first full forward flight, perfectly transitioning from hover to cruise. At approximately 3:00PM Israel time on December 18th, AIR's full-scale AIR ONE prototype, loaded to full capacity of 1100kg (2425lbs), took off and transitioned to its nominal cruising speed. This landmark accomplishment kicks off thousands of flight hours planned for the AIR ONE as part of its FAA certification process, which will see range, speed, and endurance increase as AIR continues to optimize the aircraft to achieve its design flight profile.While much of the emerging advanced air mobility (AAM) market focuses on commercial applications such as air taxis, AIR is spearheading a new category in the industry: personal air mobility. AIR's unique eVTOL for personal use offers an everyday alternative for short distance commuting in the sky. Capable of taking off and landing on any flat surface with a 250kg payload, the all-electric two-seater aircraft offers a practical long range on a single charge at speeds up to 155 mph (250 km/h). AIR ONE can be stored in most garages and driveways and is suitable for trailer hauls. "It is thrilling to have reached this moment in our journey as we strive to build the foundation to make personal air mobility a reality,AIR is incredibly proud to play a role in the global AAM movement, and we're looking forward and upward to 2024 when adoption of privately-owned eVTOLs takes flight." Rani Plaut, CEO and co-founder of AIR. Following this latest milestone, AIR plans to transfer the bulk of its operations and R&D to the United States, where further flight testing, development, and ongoing certification collaboration with the FAA will continue. Leading up to the full transition flight testing, AIR completed multiple successful and extensive propulsion tests and performed a series of necessary electronic and stability tests prior to AIR ONE's first forward flight, which served as an important proof of concept. In addition, AIR has invested in strategic partnerships with aviation companies around the world and unveiled the full-scale AIR ONE prototype at this year's Kentucky Derby, EAA AirVenture, and the Detroit Auto Show, all since coming out of stealth nearly a year and a half ago.

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AIR TRANSPORT

AZORES AIRLINES, GALP, NESTE AND CARLYLE AVIATION TAKE OFF FOR SATA GROUP'S FIRST FLIGHT WITH SUSTAINABLE AVIATION FUEL

Galp | November 10, 2022

October 24th will go down in Azores Airlines' history as the beginning of a new era, the date of its first-ever flight using sustainable aviation fuel (SAF). This milestone is even more significant considering that a few days ago, the SATA Group joined the European Union's Zero Emissions Aviation Alliance, an initiative aimed precisely at decarbonizing the sector by 2050. Azores Airlines' first commercial flight fueled with SAF connected Lisbon and Ponta Delgada, in an Airbus A320 named UNIQUE with registration CS-TKK. The aircraft took off from Lisbon airport at 19H25M local time and landed at Ponta Delgada, São Miguel Island, at 21H30M local time. The fuel used on this route incorporated 39% renewable origin material known as HEFA (Hydro processed Esters and Fatty Acids), representing a 35% reduction in total CO2 emissions. The preparation and monitoring of this first commercial flight using sustainable aviation fuel involved the energy partners Galp and NESTE, two leading innovators in biofuels and recyclable fuels, and Carlyle Aviation Partners, a commercial aviation investment platform and lessor of the CS-TKK UNIQUE aircraft operated by Azores Airlines. Together with Azores Airlines' technical teams, the partners ensured the feasibility of this operation. SAF offers similar performance to traditional jet fuel and can be used in the same engines as fossil fuel but with a significantly lower carbon footprint. NESTE's SAF is produced from 100% sustainably sourced renewable waste and residue raw materials, such as used cooking oil and animal fat waste. Positioning itself as a strategic SAF supplier, Galp plans to produce 240.000 tons/year of SAF as part of the transformation of its Sines industrial site into a Green Energy Park. Azores Airlines is happy to contribute to the decarbonization goals that the aviation sector seeks to achieve and is very proud to undertake actions that will guarantee that the Azores Archipelago remains to be a remarkable sustainable tourism destination. About Galp Galp is an energy company committed to the development of efficient and sustainable solutions in its operations and in the integrated offers to its customers that creates simple, flexible, and competitive solutions for the energy or mobility needs of large industries, as well as small and medium-sized businesses and individual consumers. Galp's offer includes various types of energy – from electricity produced from renewable sources to natural gas and liquid fuels. As a producer, the company extracts oil and natural gas from reservoirs located miles below sea level, while also being one of the largest Iberian producers of solar-based electricity. Leaders in its sector in the world's main sustainability indices, Galp contributes to the economic development of the 10 countries it operates and to the social progress of the communities. Galp has 6,360 employees. For more information, visit https://galp.com/pt/ About Neste NESTE creates solutions for combating climate change and accelerating a shift to a circular economy. NESTE refines waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. NESTE is a world's leading producer of sustainable aviation fuel and renewable diesel and developing chemical recycling to combat the plastic waste challenge, aiming at helping customers to reduce their greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. Read more: https://www.neste.com// About Carlyle Aviation Partners Carlyle Aviation Partners is the commercial aviation investment and servicing arm of Carlyle's $143 billion Global Credit platform. It is a multi-strategy aviation investment manager that seeks to capitalize on its extensive technical knowledge, in-depth industry expertise and long-standing presence in the aviation sector. As of June 30, 2022, it has a team of more than 105 employees and offices in the US, Ireland and Singapore.

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