Spanish aviation manufacturer ITP Aero has announced an agreement that will allow the majority acquisition of BP Aero.
This acquisition is set to strengthen ITP’s position as an independent company in the aviation industry.
As stated by ITP Aero, current founders and shareholders of BP Aero will maintain involvement with the company’s operations throughout its new phase of growth.
Eva Azoulay, incoming group CEO and Carlos Alzola, managing director of ITP Aero, emphasised how both companies will work together to expand offerings in the future.
Azoulay said: “We would like to welcome BP Aero to the ITP Aero family and express how incredibly excited we are to join forces with Dennis, Mike, Kristen and the rest of the team to jointly grow and expand our capabilities and service offerings in the US and around the world.
“BP Aero has proven its ability to consistently develop new MRO solutions to meet the changing needs of the market and its valued customers and we have no doubt that we will continue to do so together in the future.”
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As noted by ITP, the acquisition forms part of its MRO strategy and the development of aftermarket capabilities on some of the most important engine platforms now in service, which is a major strategic focus.
Alongside this, BP Aero will be ITP Aero’s first set of facilities in the United States, a key growth market for the company.
BP Aero CEO Dennis Walsh emphasised the advantages to be gained from this partnership: “Mike, Kristen and I are thrilled to announce that the next chapter of BP Aero’s growth is beginning as part of ITP Aero. Our mission at BP Aero has always been to provide the best service to our customers, including OEMs, engine MROs, asset managers, airlines and military product support managers.
“We want to express our gratitude to the BP Aero team and our customers who have been with us on this journey. We look forward to continuing serving our customers with such a strong, strategic partner like ITP Aero.”
ITP Aero is a subsidiary of Bain Capital, which purchased the company from Rolls Royce in 2022 for around €1.8bn ($1.9bn).