Veritas enters into agreement to acquire Vector Aerospace
July 12, 2017 By Vector Aerospace
Veritas Capital Fund Management LLC has entered into an agreement to acquire the Vector Aerospace Corporation. New York-based Veritas is a leading private equity firm, whose current portfolio includes StandardAero.
The acquisition is subject to customary conditions, including securing regulatory approvals, and is expected to close by the fourth quarter of 2017 or early 2018.
Airbus has spent the past year and a half reviewing its strategic alternatives relating to Vector as part of a broader business review, Vector having been part of Airbus since its acquisition in 2011. When considering the possibility of selling Vector, Airbus has always stated that this would have to be a ‘triple win’ to be pursued: a win for Airbus, for Vector, and for Vector’s customers.
After receiving and reviewing expressions of interest in Vector from numerous prospective financial and industrial buyers, Airbus decided to accept the offer from Veritas, which meets the “triple win” criteria required for a sale to be undertaken. The Veritas purchase proposal, which includes all of Vector’s sites and divisions, offers development opportunities that are envisaged to bring growth to Vector.
While the team at Vector Aerospace has made every effort to continue providing customers with its usual level of responsive, high-quality service during the course of this strategic review, the company appreciates that the rumors of a potential sale may have been a distraction for customers, suppliers and partners.
Vector’s global team of 2,200 employees remains focused on “setting the standard of customer service” as it enters this exciting next phase of the journey. The combination of Vector and StandardAero within the Veritas portfolio will offer clear opportunities to expand the breadth of service offerings available to Vector’s existing customer base, while retaining our traditional reputation for quality, responsive and value-for-money support.