February 3, 2014
Héroux-Devtek acquires British landing gear company APPH
Héroux-Devtek, a leading Canadian manufacturer of aerospace products, has acquired the entire share capital of U.K.-based APPH and U.S.-based APPH Wichita, subsidiaries of BBA Aviation. APPH is an integrated provider of landing gear and hydraulic systems and assemblies for original equipment manufacturer (“OEM”) and aftermarket applications. Headquartered in Runcorn, United Kingdom, APPH specializes in the design, engineering, manufacturing and aftermarket support of landing gear and hydraulic systems and assemblies for fixed and rotary wing civil and military aircraft. Héroux-Devtek is acquiring four plants located in the United Kingdom and one plant in Wichita, Kansas. These plants have a combined workforce of approximately 400 employees, including a design engineering department staffed with 40 professionals. APPH’s main design programs include landing gear systems for the Hawk, SAAB Gripen, AW101, C27J Spartan and EC175 aircraft. For the 12-month period ended December 31, 2013, APPH generated revenues of approximately US$77m and an adjusted EBITDA of approximately US$12.5m. The purchase price, net of about US$4m of cash acquired, is approximately US$124m. The transaction is being financed with the Corporation’s available cash and existing credit facilities.