CHELTENHAM, England--(BUSINESS WIRE)--Following receipt of shareholder and regulatory approvals, Ontic, a leading provider of high-quality, OEM-licensed parts for mature aerospace platforms, has successfully finalized its partnership with CVC Fund VII, in a deal valued at over $1.3 billion.
Headquartered in Cheltenham, UK, Ontic provides a value-added solution to both OEMs and their clients, by taking on responsibility for the supply and repair of complex parts for mature platforms. The company supports more than 39,000 in-service aircraft through its portfolio of over 165 licenses for more than 7,000 parts. It has over 1,200 valued customers worldwide.
Gareth Hall, CEO of Ontic, said, “We are thankful for all of the support we received from BBA Aviation and we are looking forward to our continued success and future growth with CVC. This is an exciting time for our business, to move forward as an independent organisation, with a strong new financial partner as owner, and the opportunity to do so much more with our OEM partners.”
James Mahoney, Senior Managing Director at CVC Capital Partners, commented, “Ontic has experienced significant growth over a sustained period as a result of the distinct and genuinely value-added solution the company provides to both OEMs and end users. We are excited about our new partnership with Gareth and his team and the opportunity to build on their success.”
Ontic’s global capabilities are delivered from approved manufacturing and repair facilities in Chatsworth, California; Creedmoor, North Carolina; Plainview, New York; Cheltenham in the United Kingdom and in Singapore.
With over 45 years of aerospace product manufacturing and aftermarket support experience, Ontic provides FAA, CAAS, CAAC, TCCA, DCA, EASA Part 21 and 145 OEM support, including new and serviceable spares and repairs for over 7,000 mature aircraft parts. Its portfolio of products, licensed or acquired from major OEMs such as Honeywell, UTC Aerospace, Safran, Thales and GE Aviation, span all major aircraft systems in both civil and military markets. For more information, please visit www.ontic.com.
About CVC Capital Partners
CVC is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 24 offices and over 500 employees throughout Europe, Asia and the US. To date, CVC has secured commitments of over US$129 billion from some of the world's leading institutional investors across its private equity and credit strategies. In total, CVC currently manages approximately US$83 billion of assets. Today, funds managed or advised by CVC are invested in 73 companies worldwide, employing over 300,000 people in numerous countries.
Together, these companies have combined annual sales of approximately US$100 billion. For further information about CVC please visit: www.cvc.com.