Global Fastener News

Carlyle Group Buys Majority Stake in Wesco

Jason Sandefur

Private equity firm The Carlyle Group announced a definitive agreement to acquire majority ownership of aerospace fastener distributor Wesco Aircraft Hardware Corp. and its affiliates (Wesco) for an undisclosed amount. Industry insiders report the deal could be worth as much as $700 million.
Carlyle also owns part of aviation parts distributor Aviall Inc., which is being bought by The Boeing Co.

“The Carlyle Group is a major investor in Aviall, so Wesco will be their next foray in the aerospace fastener industry,” noted fastener acquisition specialist Richard Hagan of NY-based Pinnacle Capital Corp.
Wesco’s senior management team, led by CEO Randy Snyder, will reportedly retain a “significant ownership position” in the company. The transaction is expected to close in the third quarter of 2006.
Founded in 1953, Wesco distributes aerospace hardware, including fasteners, rivets, nuts, bolts, screws, clamps and bearing, along with machined parts, installation tooling, and inventory management services, to more than 5,000 commercial OEMs and government customers, including the U.S. Department of Defense. Valencia, CA-based Wesco employs more than 600 people throughout the U.S. Canada, the UK, France, Germany and Israel.
“We are committed to supporting Wesco’s plan for long-term growth as the company continues to increase its product and service offerings to a growing base of valued customers,” commented Carlyle managing director Adam Palmer. Web: wescoair.com or thecarlylegroup.com �2006 FastenerNews.com