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TransDigm to use revolver borrowings to help fund Extant acquisition
By Sarah Lizee
Olympia, Wash., March 19 – TransDigm Group Inc. plans to use borrowings under its revolving credit facility along with cash on hand to acquire Extant Components Group Holdings, Inc., according to a press release.
TransDigm said on Monday that it entered into a definitive agreement to acquire Extant for about $525 million.
"Extant has an unusual and attractive business model, with significant opportunities for growth,” W. Nicholas Howley, chairman and chief executive officer of TransDigm, said in the release.
“This unique model fits well with our proprietary and aftermarket-focused value generation strategy. As usual, we anticipate attractive private equity type returns on this acquisition."
TransDigm is a Cleveland-based designer, producer and supplier of highly engineered aircraft components for use on commercial and military aircraft. Extant is a Melbourne, Florida-based provider of proprietary aftermarket products and repair and overhaul services to the aerospace and defense end markets.
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