TowerBrook Capital Partners, a US- and UK-based buyout firm, has agreed to acquire a majority stake in AIM Aviation, an UK engineering business for the aviation industry, from LDC, according to a statement.
The transaction value was undisclosed, but LDC reportedly sold the business for approximately £160 million. The deal is subject to regulatory approval and is expected to be completed in Q4.
LDC and TowerBrook declined to comment beyond the statement.
It is understood Towerbrook negotiated exclusively with LDC to reach an agreement after the latter failed to sell the business in an auction process earlier this year.
AIM Aviation designs, engineers and manufactures cabin interiors for the world’s major airlines on Airbus, Boeing, and military aircrafts. TowerBrook said it saw growth opportunities in the business due to the expected increase in air traffic.
DC Advisory advised TowerBrook on the transaction.
The investment in AIM Aviation will be the last new deal from TowerBrook’s third fund, a $2.8 billion 2008-vintage. The vehicle is now fully deployed, though it still has some capital left for add-on acquisitions.
In February, TowerBrook held a final close on its latest vehicle, TowerBrook Investors IV, on its $3.5 billion hard-cap.