The Carlyle Group has agreed to buy aviation services company Garrett Aviation Services from General Electric.
Terms of the deal were not disclosed. Garrett has nice facilities across North America and more than 1,000 employees.
The company will be added on to Carlyle portfolio company Piedmont Hawthorne, an aviation services platform. Garrett president and CEO Frank Klaus will lead the joint company going forward.
The acquisition was led by Carlyle managing director Adam Palmer.
Carlyle has long invested in the aerospace and defense sector. According to a statement form the firm, Carlyle has invested in 29 such transactions with a total value of more than $7 billion.
Carlyle currently claims a total of $18.3 billion in assets under management. The firm has invested $10.3 billion in equity since 1987, when the Washington DC-based firm was founded.