Blackstone, Carlyle Are Bidding for Jet Maintenance Firm

(Bloomberg) -- Buyout firms Blackstone Group LP, Carlyle Group LP and Warburg Pincus have made it to the final round of bidding to buy aircraft maintenance provider StandardAero Aviation Holdings Inc. from Veritas Capital, people familiar with the matter said.

Final bids for the business, which could fetch an enterprise valuation of as much as $5 billion, are due in mid-December, said the people, who who asked not to be identified because the discussions are private. The bids include about $3 billion of debt financing, the people said.

The auction process is continuing and no final decisions have been made, the people said.

Representatives for Veritas Capital, StandardAero, Blackstone, Carlyle and Warburg Pincus declined to comment.

StandardAero, based in Scottsdale, Arizona, provides maintenance, repair and overhaul services for aviation and industrial power customers at 38 major facilities around the world, according to its website.

New York-based Veritas Capital bought StandardAero in 2015 from Dubai Aerospace Enterprise Ltd. for an undisclosed sum, according to a statement at the time.

StandardAero Bolt-Ons

Last year, StandardAero acquired Vector Aerospace Holding SAS from Airbus SE for an undisclosed price, according to a statement. Also in 2017, StandardAero bought PAS Technologies Inc. from KRG Capital Management LP without disclosing the terms, according to data compiled by Bloomberg.

Buying StandardAero would complete a round-trip deal for Carlyle. The Washington-based buyout firm bought the business in 2004 as part of a $1.4 billion deal that broke Dunlop Standard Aerospace Group into two parts and valued its Standard Aero division at $670 million.

Three years later, Dubai Aerospace Enterprise acquired Standard Aero and Landmark Aviation -- another plane maintenance company owned by Carlyle -- for $1.9 billion.

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