Valencia-based Wesco Aircraft Holdings, Inc., a leading provider of comprehensive supply chain management services to the global aerospace industry, announced that it has completed the acquisition of Haas Group Inc. from certain investment funds affiliated with The Jordan Company, L.P., pursuant to the definitive agreement announced by the Company on Jan. 30.
Based in Pennsylvania, Haas Group International is a global distributor of aerospace chemicals, metals, and materials. Its product line includes a variety of chemical and composite products such as adhesives, sealants, tapes, lubes, oils, greases, paints, coatings, lab chemicals, industrial gases, coolants, metalworking fluids, cleaning solvents, deicers, semiconductor chemicals, water treatments, antifreeze, metal products, raw materials, composite consumables and more.
Wesco’s acquisition of Haas was funded by a combination of a new $525 million term loan B facility (the “Term Loan B”) that was added to the Company’s existing senior secured credit facilities, a $40 million draw under Wesco’s existing revolving credit facility and cash from the Company’s balance sheet.
The Term Loan B has been provided by a group of lenders led by BofA Merrill Lynch acting as lead arranger, and Barclays Bank PLC, Morgan Stanley Senior Funding Inc. and RBC Capital Markets acting as joint book runners. The Term Loan B will carry a variable rate of interest based on, at the option of the Company, either a base rate or the Eurocurrency rate plus, in each case, an applicable margin. The applicable margin for the new Term Loan B is 1.50% for base rate loans (with a base rate floor of 1.75%), and 2.50% for Eurocurrency rate loans (with a Eurocurrency rate floor of 0.75%). The new Term Loan B will mature on February 28, 2021.
Haas serves the commercial aerospace, airline, military, energy, and other markets. Haas is headquartered in West Chester, Penn., with more than 1,300 employees and 35 distribution hubs, forward stocking locations and facilities around the world. Haas will operate as a wholly-owned subsidiary of the Company.
Randy Snyder, Chairman and CEO of Wesco said, “The dynamic combination of Wesco and Haas gives us terrific opportunities to expand our global presence and provide additional value-added services and products to our existing customers as we compete for and win new business. Through our collaboration with Haas, we now provide value-added services along with aircraft hardware, electrical components, machined parts, bearings and chemicals that are necessary to build and maintain aircraft, all on a global scale. Combining these capabilities with our relentless drive to improve processes and our focus on customer service and quality reinforces our commitment to create value for our customers and shareholders.”
To learn more about Wesco and Haas, visit www.wescoair.com and www.haasgroupintl.com.
About Wesco Aircraft Holdings, Inc.
Wesco is one of the world’s largest distributors and providers of comprehensive supply chain management and CSCM services to the global aerospace industry. The Company’s services range from traditional distribution to the management of supplier relationships, quality assurance, kitting, just-in-time delivery, point-of-use inventory management and CSCM solutions. The Company believes it offers one of the world’s broadest inventories of aerospace parts, including hardware, electronic components, bearings, machined parts, and chemicals, which together on a pro forma basis for the acquisition, comprises more than 650,000 different stock keeping units with more than 2,600 employees across 78 locations in 24 countries.
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