Asset management company The Carlyle Group has agreed to purchase global aircraft maintenance and repair provider StandardAero from Veritas Capital, The Carlyle Group announced today. While terms of the deal were not disclosed, industry financial reporters have pegged it at approximately $5 billion. Subject to customary regulatory review, the transaction is expected to close in the first quarter of 2019.

Founded in 1911, Arizona-based StandardAero has grown to 6,000 employees and 38 major facilities around the world. In addition to FAA-approved avionics installations and repairs, it provides factory-authorized airframe service and maintenance for Dassault Falcon and Bombardier aircraft, as well as engine support for all the major business aircraft and rotorcraft powerplant manufacturers. The company reported a year-over-year revenue increase from $2.1 billion to more than $3 billion in 2018.

“We are excited to partner with The Carlyle Group, and we thank Veritas Capital for its support and partnership,” said StandardAero CEO Russell Ford. “We look forward to working with Carlyle to further our aggressive growth trajectory as we continue providing world-class services to our customers as one of the world’s largest best and largest independent MRO service providers.”