The Carlyle Group has acquired a majority ownership position in Wesco Aircraft Hardware Corp., a global distributor of aerospace hardware and provider of inventory management services. Terms of the deal were not disclosed.
The investment is being made from Carlyle Partners IV, which closed in March 2005 at $7.85 billion (€6.17 billion).
The company was purchased from its current owner, Wesco president and chief executive officer Randy Snyder. Snyder will retain a significant ownership position in the company.
Founded in 1953, Wesco distributes aerospace hardware including fasteners, rivets, nuts, bolts, screws, clamps and bearings. The company also distributes machine parts and installation tooling. The company currently serves 5,000 customers, including the US Department of Defense and many of the major aerospace original equipment manufacturers and suppliers. The company has facilities in the US, UK, Canada, France, Germany and Israel.
Carlyle said in a statement that the company’s headquarters will remain in Valencia, California and current senior management, including Randy Snyder, will continue to lead the business.