Through its affiliate ITP Aero US, ITP Aero has signed a definitive agreement to acquire the majority of BP Aero, an Irving, Texas-based provider of aircraft engine aftermarket services.
BP Aero will represent ITP Aero’s first facilities in the United States, an important growth area for ITP Aero, which is a Bain Capital portfolio company based in Spain.
Founded in 2008, BP Aero has become a leading service provider of engine component repairs, hospital shop visits and engine teardowns. The company employs more than 200 people and is based in Irving, Texas.
Dennis Walsh, CEO of BP Aero, commented: “Mike, Kristen, and I are thrilled to announce that the next chapter of BP Aero’s growth is beginning as part of ITP Aero. Our mission at BP Aero has always been to provide the best service to our customers, including OEMs, engine MROs, asset managers, airlines, and military product support managers. We want to express our gratitude to the BP Aero team and our customers who have been with us on this journey. We look forward to continuing serving our customers with such a strong, strategic partner like ITP Aero.”
Eva Azoulay, incoming group CEO, and Carlos Alzola, managing director of ITP Aero, commented: “We would like to welcome BP Aero to the ITP Aero family and express express how incredibly excited we are to join forces with with Dennis, Mike, Kristen and the rest of the team to jointly grow and expand our capabilities and service offerings in the U.S. and around the world. BP Aero has proven its ability to consistently develop new MRO solutions to meet the changing needs of the market and its valued customers and we have no doubt that we will continue to do so together in the future.”
The acquisition is part of ITP Aero’s strategy to reinforce its leadership position as an independent company in the global aerospace market, enabled by significant investments such as the new R&D center being built in Zamudio, Spain. The acquisition comes at the time of Indra’s entry into ITP Aero’s shareholding, which is controlled by Bain Capital. Going forward, ITP Aero and Indra will explore new collaboration opportunities, including the FCAS program where Indra acts as Spanish National Coordinator and has relevant positions alongside ITP Aero, as well as sharing industrial best practices and partnering on R&D projects.
The acquisition of BP Aero is expected to close by year-end, after obtaining the applicable regulatory approvals. Houlihan Lokey acted as the exclusive financial advisor to BP Aero, and RBC Capital Markets acted as the exclusive financial advisor to Bain Capital and ITP Aero.
