Blackstone, CVC Weigh Bids for Carlyle’s StandardAero

(Bloomberg) — Blackstone Inc. and CVC Capital Partners Plc are among the private equity firms weighing bids for StandardAero that could value the aircraft maintenance services provider at $10 billion or more including debt, people with knowledge of the matter said.

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Veritas Capital has also expressed initial interest in acquiring the Carlyle Group Inc.-backed business, according to the people, who asked not to be identified discussing confidential information. Carlyle is expected to ask for first-round bids as soon as this week and other bidders could still emerge, they said. It’s possible firms could team up and make joint offers, one of the people said.

Carlyle is working with JPMorgan Chase & Co. and Morgan Stanley as it explores a potential sale or initial public offering of StandardAero, Bloomberg News reported in April.

Deliberations are ongoing and there’s no certainty that any of the private equity firms will decide to pursue a deal for StandardAero, the people said. Representatives for Carlyle, Blackstone and CVC declined to comment. A spokesperson for Veritas wasn’t available for comment.

Scottsdale, Arizona-based StandardAero provides maintenance, repair and overhaul services for gas turbine engines. It employs about 7,500 people and counts large manufacturers such as GE Aerospace, Safran SA and Pratt & Whitney among its clients, according to its website. Last year, the company signed a long-term agreement to support CFM International LEAP-1A and LEAP-1B engines.

Carlyle completed its purchase of StandardAero from Veritas in 2019. A statement at the time didn’t disclose financial terms of the deal.