DART purchased by Greenbriar, First Aviation
March 13, 2019 By Helicopters Staff
Eagle Copters operated DART for 10-plus years
Greenbriar Equity Group L.P. and First Aviation Services Inc. have acquired DART Aerospace, a provider of mission equipment and aftermarket components for the helicopter and fixed-wing industries. Founded in 1999, Greenbriar is a private equity firm with more than $3.5 billion of committed capital.
First Aviation Services Inc., headquartered in Westport, Connecticut, is a provider of repair and overhaul, rotables management and related engineering services to the aviation industry. Its principal operating subsidiaries include Aerospace Turbine Rotables Inc., Evōlution Aerospace, Inc. and Piedmont Propulsion Systems LLC.
“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, Greenbriar. “We look forward to supporting DART’s world-class management team and employees during this next chapter of the Company’s growth.”
DART has operated as a subsidiary of Eagle Copters Ltd. and Era Group Inc. for more than 10 years. The acquisition by Greenbriar and First Aviation will be completed following customary closing conditions. DART holds a portfolio of more than 900 STCs and 4,500 products. Its key products, according to the company, include: flotation systems, landing gears, interior and exterior accessories, cargo expansion, external loads, cable cutters and filters.
“DART’s extensive product offering and expertise certifying flight-ready components provide an exciting opportunity for partnership with First Aviation,” said Aaron Hollander, chairman and CEO, First Aviation. “We share DART’s core values of solving customer challenges through engineering and quality execution.”
DART’s current management team will continue to lead the company and it will continue to operate from its existing worldwide facility network. Terms of the transaction were not disclosed.
“We would like to thank Eagle Copters and Era for their continuous support throughout these years,” said Alain Madore, president and CEO, DART. “We are excited about this new relationship with Greenbriar and [First Aviation].”