Barnes Group is boosting its engine MRO portfolio through plans for its largest acquisition to date. It has entered a definitive agreement to acquire aero-engine component manufacturing and repair specialist MB Aerospace.
Based in Motherwell, UK, MB Aerospace supports a range of commercial and military aircraft engines, including platforms from CFM International, Pratt & Whitney and Rolls-Royce. It has 10 additional facilities across the UK, U.S., Poland and Taiwan, employing approximately 1,450 staff. Its repair stations hold a mix of regulatory approvals from the FAA, UK Civil Aviation Authority, Transport Canada, European Union Aviation Safety Agency (EASA), Hong Kong’s Civil Aviation Department, Civil Aviation Authority of Singapore, Taiwan’s Civil Aeronautics Administration and the Japan Civil Aviation Bureau.
In a statement released June 5, the companies said MB Aerospace has an enterprise value of approximately $740 million. This year it is expected to generate $330 million in revenue and $65 million in earnings before interest, taxes, depreciation and amortization.
Meanwhile, Barnes Group subsidiary Barnes Aerospace provides components and assemblies for OEMs of turbine engines, nacelles and airframes, as well as MRO services on engine components. There is some overlap with MB Aerospace in its engine program capabilities, including the CFM56 and CF6, the IAE V2500, the Rolls-Royce Tay and Pratt & Whitney PW2000, PW4000 and JT8D platforms. Barnes Aerospace’s repair stations across the U.S., UK and Singapore are certified by the FAA and EASA.
“MB is an exceptional strategic fit for us with highly complementary program focus, global operations, technical capabilities and product offerings,” says Thomas Hook, president and CEO of Barnes Group.
Ian Reason, senior vice president of Barnes Group and president of Barnes Aerospace, adds that the acquisition will grow its customer base and defense industry exposure. “This acquisition significantly expands our ability to support A&D customers throughout the product lifecycle, from new production development and manufacturing to OEM-approved repair solutions for critical structural and rotating aero-engines components,” he says.
The companies expect to close the transaction in the fourth quarter of 2023, subject to regulatory approvals. Upon closing, MB Aerospace will become part of Barnes Aerospace.
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