A $1.9 billion merger between a Derby headquartered global aerospace and defence supply chain service provider and a US firm has been completed.
Back in August, it was announced that Pattonair, which has its head office on Pride Park, had reached an agreement to merge with Wesco Aircraft Holdings . Now, it has been confirmed that the deal has been finalised.
Pattonair, which employs around 600 people in Derby and a similar number in its operations throughout the rest of the world, provides tailored supply chain management solutions to blue-chip engine and airframe manufacturers.
It already works with some of the biggest brands in the aerospace and defence industries, including clients such as Rolls-Royce and BAE Systems.
It has dedicated facilities in Singapore, China, Poland, Brazil, France, Italy, Canada and five cities in the US.
Formed in the US in 1953, Wesco is a distributor and provider of supply chain management services to the global aerospace industry and operates from 50 locations across 17 countries.
The combined company, which will be headquartered in Valencia, becomes a $2.4 billion business with more than 4,000 employees serving more than 8,400 customers.
Todd Renehan, Wesco Aircraft’s chief executive since 2017, has been named chief executive of the combined company, and Wayne Hollinshead, Pattonair’s chief executive since 2011, has been named president.
Mr Renehan said: “I’m excited about the significant opportunities generated by bringing together Wesco and Pattonair.
“We have formed a highly diversified provider of end-to-end customizable supply chain solutions with greater scale, product range and purchasing ability.
“We plan to leverage these strengths, together with our robust value proposition and consistent delivery of service excellence, to be the go-to partner for bringing new products and technologies to the market.”
Mr Hollinshead said: “I’m thrilled with the benefits this combination brings customers and our employees.
“We expect that our scale and reach, coupled with sophisticated inventory and supply chain management capabilities, will better position us to benefit from industry growth and drive greater operational efficiency.
“At the same time, we believe our broad footprint will enable us to align our service model with the needs of global customers, while enhancing their productivity through exceptional delivery performance.”
Pattonair is part of an international portfolio of companies owned by Los Angeles-based Platinum Equity.
Louis Samson, a partner at Platinum Equity, said: “Wesco’s broad customer base and industry leading capabilities have positioned it well to benefit from long-term trends in the aerospace and defence industry.
“Bringing Wesco and Pattonair together will create a truly global enterprise, benefiting the combined customer base through increased scale and access to new technologies.”
