Onex Weighs Sale of Advanced Integration Technology
Onex Weighs Sale of Advanced Integration Technology
(Bloomberg) -- Onex Corp., Canada’s largest publicly traded private equity firm, is planning a sale of Advanced Integration Technology that could fetch more than $1.5 billion, according to people with knowledge of the matter.
Onex is working with advisers on an auction for the maker of manufacturing equipment for the aerospace industry, said the people, who asked not to be identified because they weren’t authorized to speak publicly. Plano, Texas-based AIT is attracting interest from private equity firms and corporations, the people said.
A representative for Onex declined to comment, while a representative for AIT didn’t respond to requests seeking comment.
AIT, founded in 2002 by Chief Executive Officer Ed Chalupa, designs, manufactures and installs systems and equipment for assembling aircraft for customers including Lockheed Martin Corp. and Boeing Co., according to its website.
Onex announced an undisclosed investment in the company in 2014. It’s made at least two acquisitions since then. AIT acquired Kuka Systems Aerospace North America and announced an investment in Nova-Tech Engineering in 2016, according to a press release.
To contact the reporters on this story: Kiel Porter in New York at kporter17@bloomberg.net;Scott Deveau in New York at sdeveau2@bloomberg.net
To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, Matthew Monks, Michael Hytha
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