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Harris Williams Advises West Star Aviation on its Sale to The Sterling Group
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Harris Williams advised West Star Aviation on its sale to The Sterling Group. West Star, a leader in MRO services for business aviation, has more than doubled in size under Norwest Equity Partners' ownership. The deal highlights strong investor interest in the business aviation sector, reinforcing its potential for future M&A activity. West Star services jets from all major aircraft OEMs, showcasing its extensive capabilities. Sterling, a private equity firm, focuses on controlling interests in manufacturing and industrial services, managing over $5.7 billion in assets.
Positive
West Star Aviation doubled in size under Norwest Equity Partners' ownership.
Strong investor interest in the business aviation sector indicated by ongoing M&A activity.
Negative
None.
RICHMOND, Va.--(BUSINESS WIRE)--
Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised West Star Aviation (West Star), a portfolio company of Norwest Equity Partners (NEP), on its sale to The Sterling Group (Sterling). West Star is a leading independent provider of maintenance, repairs and operations (MRO) services to the business aviation industry. The transaction was led by Chris Rogers, Doug Kinard, David Jones, Evan Clark and Kevin Winton of the Harris Williams Aerospace, Defense & Government Services (ADG) Group.
“It was a pleasure working with the West Star and NEP teams on this transaction,” said Doug Kinard, a managing director at Harris Williams. “This is the second time we have worked with West Star, and it has been impressive to watch the company more than double in size under NEP’s ownership and firmly establish itself as the go-to provider of MRO services for every major airframe type in business aviation.”
“West Star represents another marquee transaction for Harris Williams in the business aviation sector,” added Chris Rogers, a managing director at Harris Williams. “From leading FBOs and maintenance providers, to supply chain management and distribution businesses, we have seen firsthand how strong investor interest is in this sector. We expect business aviation to continue to be an active sector for M&A in the foreseeable future.”
West Star is a leading independent provider of MRO services to the business aviation industry. The company services business jets manufactured by every major aircraft OEM. West Star’s comprehensive capabilities at multiple locations and expansive industry expertise enable the company to fully support business jet owners and operators globally.
Founded in 1961, NEP is a leading middle market investment firm with offices in Minneapolis and West Palm Beach, Florida. NEP invests equity capital in companies that are leaders in their industry with a proven business model which have demonstrated the ability to generate profits. NEP is currently investing NEP X, a $1.6 billion fund.
Founded in 1982, Sterling is a private equity investment firm that targets controlling interests in basic manufacturing, distribution and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 61 platform companies and numerous add-on acquisitions for a total transaction value of over $14 billion. Sterling recently closed its fifth investment fund with $2 billion in commitments and currently has over $5.7 billion of assets under management.
Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams ADG Group offers strategic advice to a global base of leading aerospace, defense and government services clients. For more information on the ADG Group and other recent transactions, visit the ADG Group’s section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co.Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co.Corporate Finance Advisors GmbH conduct business.
