Houlihan Lokey Advises DART Aerospace

Houlihan Lokey is pleased to announce the sale of DART Holding Company Ltd. (DART Aerospace), a subsidiary of Eagle Copters Ltd., and Era Group Inc., to Greenbriar Equity Group, L.P. (Greenbriar) and First Aviation Services Inc. (FAvS). The transaction closed on April 1, 2019.

DART Aerospace provides industry-leading design, manufacturing, and market-certified solutions for the helicopter and aerospace industry. With an impressive lineup of over 900 supplemental type certificates (STCs) and 4,500 products, DART Aerospace offers a comprehensive portfolio of mission equipment and related services, replacement parts, and tools for civil and military operators, all major rotorcraft OEMs, completion centers, and MR&O facilities. DART Aerospace's key products include flotation systems, landing gears, interior and exterior accessories, cargo expansion, external loads, cable cutters, and filters. DART Aerospace has extensive engineering and manufacturing capabilities, which enable it to offer fast time-to-market solutions with strong customer support in over 120 countries worldwide.

Founded in 1999, Greenbriar is a private equity firm with over $3.5 billion of committed capital focused on investing in market-leading manufacturing and services businesses in partnership with proven management teams. Greenbriar looks to identify companies capitalizing on strong long-term growth prospects that can benefit from Greenbriar’s industry knowledge, operating capabilities, network of senior executive relationships, strategic insight, and access to capital. Sectors of particular focus include aerospace and defense, industrial and business services, transportation and logistics, and specialty manufacturing.

FAvS, headquartered in Westport, Connecticut, is a leading provider of repair and overhaul, rotables management, and related engineering services to the aviation industry worldwide. FAvS’ principal operating subsidiaries are Aerospace Turbine Rotables, Inc., Evōlution Aerospace, Inc.® and Piedmont Propulsion Systems, LLC.

Houlihan Lokey served as the exclusive financial advisor and assisted in marketing, structuring, and negotiating the transaction on behalf of DART Aerospace. This transaction exemplifies the continued success of our helicopter and rotorcraft equipment coverage and represents another transaction in a long track record of advising and delivering outstanding results for aerospace and defense clients.