Los Angeles-based Kingswood Capital Management says it has entered a \u201cdefinitive agreement\u201d to acquire the division from French aerospace firm Safran.<\/p>\n
The transaction, subject to normal regulatory requirements, is set to close in the first quarter of next year.<\/p>\n
Kingswood principal Clayton Lechleiter says the investment firm has \u201cconviction\u201d in the vision of Safran Passenger Innovations, which is located in Brea, California, and has two other sites \u2013 in the USA and Germany \u2013 employing 740 personnel.<\/p>\n
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The company has created a \u201cseamless platform\u201d which is \u201cthe most reliable in the market\u201d and offers the \u201clowest total cost of ownership\u201d for a number of airline customers, it adds.<\/p>\n
Safran Passenger Innovations\u2019 chief executive, Matt Smith, will remain at the helm along with its entire leadership team.<\/p>\n
The company generates about $460 million revenues.<\/p>\n
It says its RAVE platform \u2013 ostensibly signifying that the product is \u2018reliable, affordable and very easy\u2019 \u2013 is based on an \u201cintuitive\u201d and \u201cinnovative\u201d design.<\/p>\n
\u201cWe are unlocking opportunities for accelerated growth, expansion, and investing in cutting-edge technologies that will redefine the in-flight experience,\u201d says Smith.<\/p>\n
\u201cThis partnership adds significant value to our company, enabling us to strengthen our capabilities while staying true to our company culture.\u201d<\/p>\n
Kingswood says the acquisition marks its second in the aerospace and defence sector.<\/p>\n<\/div>\n