Exponent sells aerospace and defense supply chain service provider Pattonair to Platinum Equity
Exponent Private Equity (“Exponent”) has reached a definitive agreement to sell Pattonair to Platinum Equity for an undisclosed sum. The sale is expected to complete in the final quarter of 2017.
Pattonair is a leading international Aerospace and Defence supply chain service provider, specialising in the supply of small and medium value components. Customers include Rolls-Royce, United Technologies, Safran Group, Parker, GE, Boeing and Airbus. At the time of Exponent’s initial investment in Pattonair in 2011, the company was carved out from Umeco Plc, with Exponent successfully supporting CEO Wayne Hollinshead to lead the company through this transition.
Under Exponent’s ownership Pattonair has grown significantly, forging new customer relationships and winning new contracts. Exponent also helped Wayne to strengthen and broaden the management team during this period. From its headquarters in Derby, the company has continued to expand internationally and now manages operations in Germany, Poland, Italy, France, Singapore, China, Canada, the US and Brazil. The business reported revenues of £326 million in 2017.
Tim Easingwood, Partner at Exponent, said: “We are delighted with our investment in Pattonair and the outcome for the business and our investors. Under Exponent’s ownership, Pattonair has been transformed from a collection of independent subsidiaries into a highly respected and cohesive European market leader considered to be one of the leading global aerospace outsourcing partners. We have really enjoyed working in partnership with Pattonair’s excellent management team, led by Wayne, and believe that the business is well placed to continue to thrive. We wish the team every success in the future with their new owners.”
Wayne Hollinshead, Chief Executive Officer for the Pattonair Group, said: “The management team and I have enjoyed a fantastic journey with Exponent. Together we have expanded Pattonair’s business into new customers and geographies. We have enjoyed partnering with Exponent and we are looking forward to continuing our growth story under Platinum.”
Exponent was advised by Jefferies International Limited (sole financial advisor) and Ropes & Gray (legal advisor).
Pattonair is the leading global aerospace and defence supply chain provider, with over 40 years of experience in the industry. They are proud to offer scale, expertise and flexibility in our global service offering, all tailored to your needs. Wherever you are, and whatever you need, Pattonair will provide supply chain management expertise to suit your requirements.
Source: Exponent Private Equity press release