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Greenbriar Equity Group, L.P. and First Aviation Services Inc. have announced the acquisition of DART Aerospace, a leading provider of mission equipment and aftermarket components for the helicopter and fixed-wing industries. DART has operated as a subsidiary of Eagle Copters Ltd. and Era Group Inc. for over 10 years. The acquisition by Greenbriar and FAvS will be completed following customary closing conditions.
“DART is well recognized in the industry for its engineering-led culture of innovation and success developing critical aftermarket and OEM components to support customers worldwide,” said Noah Roy, managing partner of Greenbriar. “We look forward to supporting DART’s world-class management team and employees during this next chapter of the Company’s growth.”
Aaron Hollander, chairman and CEO at FAvS, said: “DART’s extensive product offering and expertise certifying flight-ready components provide an exciting opportunity for partnership with First Aviation. We share DART’s core values of solving customer challenges through engineering and quality execution. We see many opportunities to collaborate with DART to drive additional growth through our investment.”
Alain Madore, president and CEO at DART, commented: “We would like to thank Eagle Copters and Era for their continuous support throughout these years. We are excited about this new relationship with Greenbriar and FAvS. They are both experienced investors in the aerospace industry and we are confident that their capital and expertise will play a crucial role in supporting DART as we continue to grow and expand our markets and capabilities.”
Mike O’Reilly, Director at Eagle Copters, said: “Having had the privilege of being involved with DART since 2003, we have enjoyed seeing the company successfully grow and develop a broad suite of market leading products and capabilities. It has been a great journey and I know that DART will continue to be a leader and innovator within the industry.”
DART’s current management team will continue to lead the company and it will continue to operate from its existing worldwide facility network.
The terms of the transaction were not disclosed. Houlihan Lokey served as financial adviser to Era and Eagle Copters.