AerSale Corporation acquired Aircraft Composite Technologies, Inc. (ACT) for $17.0 million, a transaction completed in January 2020, structured as All-cash purchase of all outstanding shares; total purchase price of approximately $17.0 million ($16.976 million).
Aircraft Composite Technologies, Inc. (ACT) operates in TechOps, is based in Miami, Florida, United States, had revenue of about Approximately $6.5 million of revenue and $0.7 million of income from operations from January 7, 2020 through December 31, 2020. AerSale acquired all of the outstanding shares of Aircraft Composite Technologies, Inc. (ACT), a Florida corporation located in Miami, Florida, for $17.0 million in cash. The purchase-price allocation recorded about $6.0 million of goodwill (deductible for federal income tax purposes) and roughly $10.1 million of other intangible assets, including customer relationships and an FAA Part 145 certificate. From the January 7, 2020 acquisition date through December 31, 2020, ACT contributed approximately $6.5 million of revenue and $0.7 million of income from operations. The business was subsequently rebranded as AerSale AeroStructures. This transaction closed before AerSale became a public company through its December 2020 business combination and is disclosed in AerSale's SEC filings.
AerSale stated the purpose of the acquisition was to improve the company's profitability by enhancing service in its TechOps segment.
A specialized composite/aerostructures repair shop with an FAA Part 145 certificate and established customer relationships that broadened AerSale's TechOps MRO services. TechOps segment (rebranded AerSale AeroStructures) ACT operates within AerSale's TechOps segment and was rebranded as AerSale AeroStructures; its goodwill and FAA-certification/customer-relationship intangibles are carried under that segment.
Advisory firms were not disclosed for this transaction.