Onex Corp. says it has signed a deal to buy Farsound Aviation Ltd., a British company specialized in the procurement, supply and inventory management of aircraft engine components. The Onex Corporation logo is seen in an undated handout image. THE CANADIAN PRESS/HO, *MANDATORY CREDIT*
TORONTO – Onex Corp. says it has signed a deal to buy Farsound Aviation Ltd., a British company specialized in supplying aircraft parts for engine maintenance and repairs.
Financial terms of the agreement by the Onex Partners Opportunities Fund, which partnered with Farsound’s management team on the deal, were not disclosed.
The fund is buying the company from private equity firm AGIC Capital, which acquired a majority stake in Farsound in July 2019.
Farsound operates out of four facilities in the United Kingdom, U.S., Canada and Spain.
Farsound chief executive Chris Knott says the company is excited to partner with Onex for its next phase of growth.
The deal is expected to close later this year, subject to customary closing conditions and regulatory approvals.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:ONEX)
