BBA Aviation, the owner of the Signature Flight Support network of business aviation private terminals, has agreed to sell parts distributor Ontic to private equity company CVC for $1.37 billion.
Ontic, which BBA acquired for $67 million in 2006, makes and distributes out-of-production components under licence from original manufacturers. It has manufacturing sites in California, North Carolina, New York State, Cheltenham in the UK and Singapore, and supports 39,000 aircraft with 165 licences for more than 7,000 parts.
UK-headquartered BBA, which also owns MRO business Engine Repair and Overhaul, expects the deal to complete by year-end. BBA plans to focus on the business aviation market.