Platinum Equity Buys Wesco

Platinum Equity buys Wesco.
   
Platinum Equity buys Wesco Aircraft Holdings for $1.9 billion.
   
The aerospace parts and supply chain services provider will be combined with Pattonair, a supply chain management services company based in the United Kingdom.
   
Todd Renehan of Wesco said: ‘We are excited about the opportunities a combination with Pattonair will give Wesco. This is the right transaction for our shareholders, customers, and employees. This transaction is a strong validation of our customer value proposition, and it will allow us to find new and innovative ways to bring more value to customers, enhance relationships with suppliers and create more opportunities for employees.’
   
Wayne Hollinshead of Pattonair said: ‘This is great news for our company and our customers and will create new avenues for growth and expansion. 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 of Platinum Equity said: ‘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 joint customer base through increased scale and access to new technologies.’
   
Morgan Stanley and JP Morgan served as financial advisers to Wesco. Latham & Watkins served as legal adviser.
   
Hughes Hubbard & Reed, and Willkie Farr & Gallagher served as legal advisers to Pattonair.

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