August 12, 2019 — Hughes Hubbard is advising Beverly Hills-based private equity firm Platinum Equity in its pending acquisition of Valencia, Calif.-based Wesco Aircraft Holdings. The deal, announced on Aug. 9, values Wesco at approximately $1.9 billion.
Wesco, a publicly traded company on the New York Stock Exchange, will be taken private. The transaction, which is subject to regulatory approval, is expected to close by the end of the year.
Wesco is an aerospace supply chain management service provider similar to Pattonair, a U.K.-based portfolio company of Platinum Equity. “This is great news for our company and our customers and will create new avenues for growth and expansion,” said Wayne Hollinshead, CEO of Pattonair. “Wesco is an outstanding business with an impressive track record for innovation and customer service. We are excited about the prospects of working together.”
Louis Samson, a Platinum Equity partner, added, “Wesco’s broad customer base and industry-leading capabilities have positioned it well to benefit from long-term trends in the aerospace and defense industry. Bringing Wesco and Pattonair together will create a truly global enterprise, benefiting the combined customer base through increased scale and access to new technologies.”
Founded in 1995 by businessman and Detroit Pistons owner Tom Gores, Platinum Equity is a global investment firm with $13 billion of assets under management and a portfolio of approximately 40 companies.
Ken Lefkowitz leads the HHR team, which also includes Gerold Niggemann, Alexander Rahn, Spencer Harrison, Andy Braiterman, Matthew Syrkin, Gary Simon, Steve Greene, Michael DeBernardis, Erin DeCecchis, Jim Delaney, Alan Kashdan, Carol Remy, M. Shams Billah, Justin Cohen, Donald D’Amico, Brandon Gershowitz, Tyler Grove, Samuel Hurt, Dena Smith, Nitzan Weizmann, Giorgia Nagalli and Ose Okoruwa.