SUMMERSIDE, P.E.I. - The parent company of one of Summerside’s largest private sector employers could change hands in the new year.
A global investment firm, The Carlyle Group, announced recently that it is buying StandardAero from its current owner, Veritas Capital.
The sale is not a done deal yet, however, as it is subject to regulatory approval. A press release from The Carlyle Group stated the deal is expected to be finalized by the end of the first quarter of 2019.
It’s unclear what, if anything, the deal will mean for the local facility.
A spokeswoman for the Carlyle Group deferred questions regarding the impact of the sale on StandardAero in Summerside to local management, who could not be reached by deadline.
“We look forward to working with Carlyle to further our aggressive growth trajectory as we continue providing world-class services to our customers as one of the world’s best and largest independent maintenance, repair and overhaul service providers,” said Russell Ford, CEO of StandardAero, in a press release.
“Russell Ford and the StandardAero team have built a reputation for industry-leading capabilities and customer service. StandardAero is well positioned in an attractive market and we look forward to building on its strong foundation by helping it grow and meet evolving customer needs,” said Adam Palmer, managing director and global head of aerospace, defense and government services for The Carlyle Group.
StandardAero employs about 500 people at its aerospace engine repair facility in Slemon Park. The company is based in Arizona but has several facilities around the globe.
American news service Reuters reported earlier this week that the deal is worth $5 billion.
It also reported that when Veritas acquired StandardAero three years ago from Dubai Aerospace Enterprise Ltd (DAE), it was for $2.1 billion.
If the deal goes ahead this will actually be the second time the Carlyle Group has owned StandardAero — it previously owned the company in 2004 and sold it to DAE in 2007.
The Summerside facility was only purchased by and folded into StandardAero in November of 2017. It had been Vector Aerospace until that point, and prior to that it was Atlantic Turbines.
Despite all the name changes, the Summerside facility has grown consistently since it first opened 27 years ago. The provincial government and the former Summerside Regional Development Corporation have both heavily invested public funds to help facilitate that growth.