M&A Deal Summary

Onex Partners and Ardian Acquires Spirit AeroSystems

On August 16, 2005, private equity firm Onex Partners and asset manager Ardian acquired aerospace company Spirit AeroSystems, Inc. from The Boeing Co. for 375M USD

Acquisition Highlights
  • This is Onex Partners’ 1st and Ardian’s 1st transaction in the Aerospace sector.
  • This is Onex Partners’ 24th and Ardian’s 50th largest (disclosed) transaction.
  • This is Onex Partners’ 8th and Ardian’s 3rd transaction in the United States.
  • This is Onex Partners’ 1st and Ardian’s 1st transaction in Kansas.

M&A Deal Summary

Date 2005-08-16
Target Spirit AeroSystems, Inc.
Sector Aerospace
Buyer(s) Onex Partners
Ardian
Sellers(s) The Boeing Co.
Deal Type Divestiture
Deal Value 375M USD

Target

Spirit AeroSystems, Inc.

Wichita, Kansas, United States
website
Spirit AeroSystems is an independent supplier of large component parts and assemblies for commercial aircraft. Spirit AeroSystems offers manufacturing and design expertise on a broad range of products and services for aircraft original equipment manufacture. Spirit AeroSystems Holdings was founded in 1927 and is based in Wichita, Kansas.

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Buyer(S) 2

Buyer

Onex Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 32.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Onex Partners is the private equity investment arm of Onex Corp., a Canadian based public investment and asset management firm that also invests in real estate and credit securities. Onex Partners targets investments in large companies, and ONCAP which invests in smaller middle-market companies. Both groups consider North American businesses in a wide range of industries with a special interest in aerospace, healthcare, and industrial companies. Prospective transaction situations include corporate carve-outs where the firm can leverage restructuring capabilities. Onex Corp. was established in 1984 and is based in Toronto with an additional office in New York City.


DEAL STATS #
Overall 9 of 53
Sector (Aerospace) 1 of 4
Type (Divestiture) 1 of 9
State (Kansas) 1 of 2
Country (United States) 8 of 39
Year (2005) 2 of 4
Size (of disclosed) 24 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-01-07 Magellan Health, Inc.

Phoenix, Arizona, United States

Magellan Health, Inc. is a provider of managed behavioral healthcare services, radiology benefit management services, and specialty pharmaceutical management services. Magellan Health was formed in 1969 and is based in Scottsdale, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-24 Skilled Healthcare Group, Inc.

Foothill Ranch, California, United States

Skilled Healthcare is a operator of long-term care facilities and a leading provider of a full continuum of post-acute care services, with a strategic emphasis on sub-acute specialty medical care. The Company operated a network of 71 facilities in California, Texas, Kansas and Nevada, including both skilled nursing and assisted living facilities.

Buy $640M
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1996
PE ASSETS 62.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 30 of 372
Sector (Aerospace) 1 of 5
Type (Divestiture) 2 of 30
State (Kansas) 1 of 1
Country (United States) 3 of 55
Year (2005) 12 of 19
Size (of disclosed) 50 of 66
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-26 Bénédicta S.A.

Seclin, France

Benedicta is a French supplier of mayonnaise and cold sauces. It is the No. 2 brand in France and supplies the private label market in France and the UK.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-17 Tekfor Holding GmbH

Hausach, Germany

Tekfor Holding GmbH engages in the development and production of pioneering solutions for transmissions, engines, drivelines, special applications, and safety fasteners. Tekfor Holding GmbH has nine manufacturing facilities and over 3,300 employees across Germany, the US, Brazil, Mexico, and Italy.

Buy -

Seller(S) 1

SELLER

The Boeing Co.

Chicago, Illinois, United States

website


Category Company
Founded 1916
SectorAerospace
Employees121,000
Revenue 58.2B USD (2020)
DESCRIPTION
Boeing's corporate headquarters in downtown Chicago, Illinois.
Boeing's corporate headquarters in downtown Chicago, Illinois.

Boeing is a global aerospace company that operates in five principal segments. These segments include Commercial Airplanes; Boeing Defense, Space & Security (BDS) which comprises of Boeing Military Aircraft (BMA), Network & Space Systems (N&SS) and Global Services & Support (GS&S); and Boeing Capital Corporation (BCC). The Company's other business includes the activities of Engineering, Operations & Technology (EO&T) and Shared Services Group (SSG). EO&T provides Boeing with technical and functional capabilities, including information technology, research and development, test and evaluation, technology strategy development, environmental remediation management and intellectual property management. Boeing was formed in 1916 and is based in Chicago, Illinois.


DEAL STATS #
Overall 4 of 5
Sector (Aerospace) 4 of 4
Type (Divestiture) 4 of 5
State (Kansas) 1 of 1
Country (United States) 4 of 5
Year (2005) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-02-28 Boeing Electron Dynamic Devices, Inc.

Torrance, California, United States

Boeing Electron Dynamic Devices, Inc., a market supplier in the design, manufacture and sale of space-qualified high technology components and subsystems used in satellites. The company designs and produces space-qualified passive microwave devices, traveling wave tubes (TWTs), amplifiers and electric propulsion and radio frequency (RF) products utilized in communications satellites, manned space programs and key commercial and defense systems.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-20 Aviall, Inc.

Dallas, Texas, United States

Aviall, Inc. is a provider of repair, maintenance, and overhaul services and parts distribution for both commercial and general aviation aircraft engines.

Buy $1.7B