US investors have agreed to acquire the in-flight entertainment specialist Safran Passenger Innovations, whose products include the IFE system RAVE.
Los Angeles-based Kingswood Capital Management says it has entered a “definitive agreement” to acquire the division from French aerospace firm Safran.
The transaction, subject to normal regulatory requirements, is set to close in the first quarter of next year.
Kingswood principal Clayton Lechleiter says the investment firm has “conviction” in the vision of Safran Passenger Innovations, which is located in Brea, California, and has two other sites – in the USA and Germany – employing 740 personnel.
The company has created a “seamless platform” which is “the most reliable in the market” and offers the “lowest total cost of ownership” for a number of airline customers, it adds.
Safran Passenger Innovations’ chief executive, Matt Smith, will remain at the helm along with its entire leadership team.
The company generates about $460 million revenues.
It says its RAVE platform – ostensibly signifying that the product is ‘reliable, affordable and very easy’ – is based on an “intuitive” and “innovative” design.
“We are unlocking opportunities for accelerated growth, expansion, and investing in cutting-edge technologies that will redefine the in-flight experience,” says Smith.
“This partnership adds significant value to our company, enabling us to strengthen our capabilities while staying true to our company culture.”
Kingswood says the acquisition marks its second in the aerospace and defence sector.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.flightglobal.com ’
