- AGIC Capital announces sale of Farsound, a leading global supply chain solutions provider for the aerospace engine maintenance, repair and overhaul (“MRO”) market, to Onex Partners Opportunities Fund (“Onex”)
- Farsound is focused on the procurement, supply, and inventory management of high-volume consumable hardware components for aerospace engine overhauls.
- AGIC Capital acquired a majority stake in Farsound in July 2019
LONDON–(BUSINESS WIRE)–European-Asian Private Equity investment firm AGIC Capital (“AGIC”) today announced the sale of Farsound Aviation Limited (“Farsound”) to global investment firm Onex for an undisclosed amount.
Farsound is a leading global supply chain solutions provider for the aerospace engine MRO market, focused on the procurement, supply, and inventory management of high-volume consumable hardware components. Farsound serves a global customer base from facilities and offices in the UK, Canada, Spain, China, Singapore, and Japan, with a significant investment being made into a newly established facility in the US for the future. The company acts as a strategic partner to leading engine MRO providers, supporting key commercial engine platforms.
Chris Knott, CEO of Farsound, said: “The development of our company over the past years has been notable. AGIC has been an excellent partner, supporting our expansion and diversification. We look forward to collaborating with our new equity partner in Onex.”
Ben Mitchell, Managing Director of AGIC, said: “Since 2019, we have worked closely with Farsound’s management team to expand and diversify the business’ engine coverage, customer base, and international footprint, particularly in the US. Against the backdrop of the Covid pandemic and subsequent recovery in air travel, our collaboration has supported Farsound in providing a significantly enhanced service to its customers and a more global and expanded business.”
William Blair acted as exclusive financial advisor to AGIC, and K&L Gates served as Legal Advisor.