Goodrich To Acquire DeCrane Assets
DeCrane Aerospace, founded in 1987 by the late entrepreneur Jack DeCrane with the idea of assembling under a single umbrella all aspects of cabin refurbishment and completion, has found a buyer. The company announced yesterday that DeCrane and its subsidiaries and parent company have signed an agreement to sell “the assets and certain liabilities” of its cabin management business to aerospace services and systems supplier Goodrich of Charlotte, N.C. The purchase price was listed at approximately $280 million, “subject to adjustment based on closing working capital.” DeCrane’s cabin management business provides cabin components, including seating, monuments, veneers, interior composites, entertainment and communications systems, and cabin management systems. Following the sale, DeCrane’s Pats Aircraft Systems will continue to operate as a stand-alone business with a focus on business and executive aircraft auxiliary fuel systems and executive cabin maintenance, modification, refurbishment and green completion. Following completion of the proposed capital restructuring, Pats will be controlled by Wayzata Investment Partners. The Pats management team, including CEO John Martin, will continue to lead the company. The sale of DeCrane’s cabin management segment is expected to close after receipt of clearance under the Hart-Scott-Rodino Antitrust Improvements Act. Capital restructuring is expected to be completed following receipt of necessary approvals from lenders and preferred stockholders who are not currently party to the restructuring agreement.