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Aerospace Engine Service Provider StandardAero Files for New York IPO at $7.5 Billion Valuation, Backed by Private Equity Firm Carlyle & Singapore Sovereign Wealth Fund GIC
25th September 2024 | Hong Kong
Aerospace engine service provider StandardAero has filed for a New York Stock Exchange (NYSE) IPO at $7.5 billion valuation range. StandardAero is backed by private equity firm Carlyle & Singapore sovereign wealth fund GIC. In 2019, Carlyle acquired StandardAero from Veritas Capital for around $5 billion. StandardAero (23/9/24): “StandardAero, Inc. (“StandardAero”) announced today that it has launched its proposed initial public offering of its common stock. The proposed offering consists of 46,500,000 shares of common stock. The price range for the initial public offering is currently estimated to be between $20.00 and $23.00 per share. Certain affiliates of The Carlyle Group Inc. and GIC Private Limited intend to grant the underwriters a 30-day option to purchase up to an aggregate of 6,975,000 additional shares of common stock from them at the initial public offering price, less underwriting discounts and commissions. StandardAero has applied to list its common stock on The New York Stock Exchange under the symbol “SARO”.”
“ Aerospace Engine Service Provider StandardAero Files for New York IPO at $7.5 Billion Valuation, Backed by Private Equity Firm Carlyle & Singapore Sovereign Wealth Fund GIC “
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J.P. Morgan, Morgan Stanley (in alphabetical order), BofA Securities, UBS Investment Bank, Jefferies and RBC Capital Markets are acting as lead book-running managers for the proposed offering. Carlyle, CIBC Capital Markets, HSBC Securities (USA) Inc., Mizuho Securities USA LLC, Societe Generale and Wolfe | Nomura Alliance are acting as joint book-running managers, and Citizens JMP Securities, LLC, Macquarie Capital, Santander, AmeriVet Securities, Inc. and Drexel Hamilton, LLC are acting as co-managers for the offering.
StandardAero – StandardAero is a leading independent pure-play provider of aerospace engine aftermarket services for fixed and rotary wing aircraft, serving the commercial, military and business aviation end markets. StandardAero provides a comprehensive suite of critical, value-added aftermarket solutions, including engine maintenance, repair and overhaul, engine component repair, on-wing and field service support, asset management and engineering solutions. StandardAero is owned by global investment firm Carlyle.
History
- It all started in 1911, just eight years after the Wright brother’s first flight at Kitty Hawk, when Charles Pearce and William Bickell founded Standard Machine Works in Winnipeg, Manitoba, Canada. Repairing, overhauling and rebuilding car, truck and tractor engines, the company quickly became known for its “workmanship, efficient personnel and effectiveness of equipment,” according to publications at the time.
- As civil aviation began to grow in the region during the mid-1920s, an increasing need developed for trusted engine service in the area. Shipping engines to the original manufacturers in Montreal, Toronto, Detroit or Ottawa was time-consuming and expensive. To meet the need, Standard Machine Works added aircraft engines to their capabilities list and formed an Aero Engine Division in the basement and first floor of their St. Matthews facility. In April 1936, the company rebuilt its first aircraft engine — an Armstrong Siddeley Cheetah piston engine.
- By November 1936, most engine manufacturers appointed Standard Machine Works as an authorized service station, from Canadian Pratt & Whitney to de Havilland to Jacobs, and more. By the fall of that year, the company had been designated an authorized service station for Bendix Aviation Corporation of Bendix, NJ, to maintain Bendix-Eclipse starters, generators and control boxes.
- In 1949, the company incorporated as Standard Aero Engine Limited (SAE), and added more facilities and capabilities as they continued to hone their expertise in civilian and military aircraft engines. Standard Aero Engine Limited began overhauling turbine engines in 1960, making a sizeable investment in tooling and training. In addition, SAE partnered with Trans-Canada Air Lines to use one of the airline’s two engine test cells.
- Over the next six decades through a number of strategic acquisitions, new program wins and significant expansion of services and customers, the company has grown to be recognized as one of the aerospace industry’s leading independent maintenance, repair, and overhaul (MRO) providers. Indeed, StandardAero’s success is the outgrowth of the synergistic merger of businesses with complementary specialties that have exponentially increased our capabilities and generated unprecedented customer commitment and value.
- Fast forward to today, StandardAero is organized in two distinctive divisions, Engine Services and Component Repair Services. These two divisions represent the core strengths of StandardAero, our exhaustive engine maintenance, repair and overhaul services capabilities and our significant portfolio of component repair services for business aviation, commercial aviation, military, fixed wing, helicopter and industrial power customers. To deliver our mission, we employ nearly 7,500 talented and experienced professional, administrative and technical employees that work in 49 primary facilities worldwide, with additional strategically located regional service and support centers all across the globe.
- StandardAero is OEM authorized and approved for aircraft and rotorcraft engines, auxiliary power units, components; airframe services including major alterations; FAA authorized avionics capabilities; comprehensive engineering services; and custom exterior and interior design, completion, and paint. We provide these capabilities through our network of specialized facilities and mobile service teams.
Aerospace Engine Service Provider StandardAero Files for New York IPO at $7.5 Billion Valuation, Backed by Private Equity Firm Carlyle & Singapore Sovereign Wealth Fund GIC
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