Platinum Equity, a private equity firm based in Beverly Hills, has acquired Héroux-Devtek Inc., the world's third-largest manufacturer of aircraft landing gear. The acquisition, finalized on February 12, involved purchasing all outstanding common shares of the publicly traded company for $32.50 per share, valuing the deal at approximately $1.35 billion based on a September earnings report.

Héroux-Devtek, headquartered in Québec, generates a significant portion of its revenue from international markets, with 94% of its sales occurring outside Canada and 57% in the United States. The company specializes in the design, development, manufacturing, and repair of landing gear, actuation systems, and other aerospace components.

Platinum Equity's Managing Director, Delara Zarrabi, expressed the firm's commitment to fostering both organic and inorganic growth for Héroux-Devtek. Zarrabi emphasized the firm's intention to utilize its financial and operational resources to enhance the company's success. She highlighted the positive outlook for the aerospace sector and expressed enthusiasm about Héroux-Devtek's potential as a private entity.

Zarrabi noted several appealing aspects of Héroux-Devtek, including its diversified portfolio of long-term programs, a balanced mix of defense and commercial aerospace exposure, and significant earnings from aftermarket services and proprietary designs.

In addition to Héroux-Devtek, Platinum Equity has made other investments in Canada, including Husky Technologies and Livingston International.